EGN - Europa Oil & Gas conducting internal assessment of very interesting asset
(NewsDirect)
Europa Oil & Gas (Holdings) PLC(AIM:EOG) CEO William Holland speaks to Thomas Warner from Proactiveafter announcing that the exploration and production company is takingover the operatorship of the Cloughton gas discovery in NorthYorkshire.
The operatorship oflicence PEDL343 which hosts Cloughton has been transferred to Europafrom Egdon Resources, with no change in the ownership of the asset.Holland describes the Cloughton Discovery as a "very interestingasset" that he considers promising due to its substantial size andthe proven presence of gas in the system.
While the initial flow rates of 40,000 standard cubic feet perday recorded back in 1986 are not commercially viable, Holland isoptimistic that with modern completion techniques, they could achieveup to 6 million standard cubic feet per day, making it a commerciallyattractive project. Europe is now undertaking an internal assessmentof the discovery.
Before movingforward with developing the project, Holland says that the companyneeds to focus on engaging with stakeholders, including planningauthorities and the Environment Agency, to secure support andapprovals for the project. Once these aspects are clarified, Hollandbelieves that the Cloughton discovery presents a compellingopportunity that could add significant value to Europa Oil & Gasand contribute to the UK's net zero goals.
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