Europa Oil & Gas technical team "hard at work" analysing scale of opportunity at Cloughton | News Direct

Europa Oil & Gas technical team "hard at work" analysing scale of opportunity at Cloughton

Europa Oil & Gas (Holdings) PLC
News release by Europa Oil & Gas (Holdings) PLC

facebook icon linkedin icon twitter icon pinterest icon email icon London, UK | September 12, 2023 08:46 AM Eastern Daylight Time


Europa Oil & Gas (Holdings) PLC (AIM:EOG) CEO William Holland speaks to Thomas Warner from Proactive after announcing an update on the exploration and production company's progress at the Cloughton Project.


Europa took over the operatorship of Cloughton in July and Holland explains that work at the site has so far focused on determining the extent of the opportunity presented. According to new preliminary audit data, the Cloughton project’s gas in place volumes are now estimated at between 190-274 billion cubic feet, with a mean value of around 192 billion cubic feet.


He notes that these figures refer to gas in place, rather than recoverable reserves, and says that a key next step will be to determine well flow rates, which are vital for economic viability. He suggests a flow potential of 6 million standard cubic feet per day would promise a highly lucrative venture.


Holland says that stakeholder engagement is already underway, a step crucial for testing and demonstrating the project's feasibility. No unforeseen challenges have surfaced so far with the preliminary audit data in line with expectations. The next update may include reserve figures and a conceptual development plan, with Holland suggesting significant progress expected in the coming months.


Contact Details


Proactive UK Ltd


+44 20 7989 0813

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