IGas Energy is one step closer to completing its £117.1 million acquisition of Dart Energy.

The onshore oil and gas exploration and production firm has completed the full due diligence investigation process. Both firms are satisfied with the outcome and will now present the acquisition terms to the Australian Foreign Investment Review Board for approval.

IGas chief executive Andrew Austin has previously insisted the strategic takeover is at the heart of unlocking Britain’s energy potential.

He said: “It demonstrates our commitment to, and confidence in, the UK onshore oil and gas sector. This is a British success story establishing IGas as a key contributor to UK energy mix and security. The transaction further strengthens our position financially, operationally and also significantly increases our licenced acreage as we seek to unlock the untapped energy resource that exists in Britain.”

Pending board and shareholder approval the acquisition is due to be finalised in September.

IGas has licences to explore for oil and gas in a number of locations including the North West, East Midlands, the Weald Basin in southern England and the northern coastal area of the Inner Moray Firth in Scotland.