© Reuters. Europa Oil & Gas extends licence for UK gas field project
Proactive Investors – Europa Oil & Gas Holdings (LON:) told investors it has secured an extension to licence PEDL 343, in the East Midlands, covering the Cloughton gas project.
The licence extension takes out the deadline for the initial exploration term to July 2026, and the end of the second exploration period to July 2028.
During this time the company aims to obtain the necessary permits and consents needed to drill an appraisal well, in order to demonstrate the productivity of the potential gas field.
“We are delighted that the NSTA (North Sea Transition Authority) has granted a two-year extension to PEDL 343 as it allows us to continue to progress the material Cloughton gas discovery towards commercialisation,” chief executive Will Holland said in a statement.
“We will update the market as we reach further milestones.”
The Cloughton discovery has previously been estimated to contain some 192 billion cubic feet of gas in place.
Testing in the past showed flow rates of up to 40,000 cubic feet per day on natural flow, and Europa believes a well could with “correct completion techniques” it could now flow at up to 6 million cubic feet per day.
Read more on Proactive Investors UK
Disclaimer
Read the full article here
