EGN - Europa Oil & Gas technical team hard at work analysing scale of opportunity at Cloughton
(NewsDirect)
Europa Oil & Gas (Holdings) PLC(AIM:EOG) CEO William Holland speaks to Thomas Warner from Proactiveafter announcing an update on the exploration and productioncompany's progress at the Cloughton Project.
Europa took over the operatorship ofCloughton in July and Holland explains that work at the site has sofar focused on determining the extent of the opportunity presented.According to new preliminary audit data, the Cloughton project’s gasin place volumes are now estimated at between 190-274 billion cubicfeet, with a mean value of around 192 billion cubic feet.
He notes that these figures refer to gasin place, rather than recoverable reserves, and says that a key nextstep will be to determine well flow rates, which are vital foreconomic viability. He suggests a flow potential of 6 million standardcubic feet per day would promise a highly lucrative venture.
Holland says that stakeholder engagementis already underway, a step crucial for testing and demonstrating theproject's feasibility. No unforeseen challenges have surfaced sofar with the preliminary audit data in line with expectations. Thenext update may include reserve figures and a conceptual developmentplan, with Holland suggesting significant progress expected in thecoming months.
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