Europa Oil & Gas technical team “hard at work” analysing scale of opportunity at Cloughton
–News Direct–
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 projects 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.
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View source version on newsdirect.com: https://newsdirect.com/news/europa-oil-and-gas-technical-team-hard-at-work-analysing-scale-of-opportunity-at-cloughton-229515881
Europa Oil & Gas (Holdings) PLC
COMTEX_440041949/2655/2023-09-12T08:47:00
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