Ann: 31 December 2016 Results Media Release, page-46

Yes its a vote of confidence for UK shale, but not a vote of confidence for investors.
Like I have been saying all along, the value wont necessarily transmit to the equityholders.
Leverage is nasty. Will have to see who ends up with what % of Igas to see if it would make sense for Kero to try fold assets into Cuadrilla, or fold Cuadrilla into Igas (reverse merger listing) or some other structure. Suffice to say I havent looked into detail what it all looks like pro-forma yet. Also hard to say whether K are a consolidator of assets or just happy to own disparate shale assets for now. But boy are these guys patient. Must have been watching Igas for years before pouncing now. They probably could have bought Darts assets when Igas took them over. Luckily they didnt. Those shares exchanged at ~130p and now the raising is flagged at 4.5p - OUCH!