By Jaime Llinares Taboada

Shares in IGas Energy PLC rose Monday in early trading after it announced a deal with SSE PLC to develop a geothermal district heating project in Stoke-on-Trent, England.

The oil-and-gas company said the memorandum of understanding grants exclusivity to both partners for a period of 12 months, with milestones including an offtake agreement for the geothermal plant.

"Deep geothermal has the potential to become a world leading industry here in the U.K., provide a stable transition away from oil and gas, and help meet the government's net zero ambitions by decarbonizing heat on a mass scale," Chief Executive Stephen Bowler said.

Shares at 0723 GMT were up 16% at 22 pence.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

September 20, 2021 03:45 ET (07:45 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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