Europa Oil & Gas conducting internal assessment of "very interesting asset"
London, UK
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August 01, 2023 03:56 AM Eastern Daylight Time
Europa Oil & Gas (Holdings) PLC (AIM:EOG) CEO William Holland speaks to Thomas Warner from Proactive after announcing that the exploration and production company is taking over the operatorship of the Cloughton gas discovery in North Yorkshire.
The operatorship of licence PEDL343 which hosts Cloughton has been transferred to Europa from Egdon Resources, with no change in the ownership of the asset. Holland describes the Cloughton Discovery as a "very interesting asset" that he considers promising due to its substantial size and the proven presence of gas in the system.
While the initial flow rates of 40,000 standard cubic feet per day recorded back in 1986 are not commercially viable, Holland is optimistic that with modern completion techniques, they could achieve up to 6 million standard cubic feet per day, making it a commercially attractive project. Europe is now undertaking an internal assessment of the discovery.
Before moving forward with developing the project, Holland says that the company needs to focus on engaging with stakeholders, including planning authorities and the Environment Agency, to secure support and approvals for the project. Once these aspects are clarified, Holland believes that the Cloughton discovery presents a compelling opportunity that could add significant value to Europa Oil & Gas and contribute to the UK's net zero goals.
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