Europa Oil & Gas (Holdings) PLC (AIM: EOG) informed stakeholders of a revised preliminary audit which now approximates the Cloughton project’s average gas-in-place volumes at about 192 billion cubic feet.
Earlier, a discovery well at Cloughton produced high-quality, sweet gas at rates reaching 40,000 cubic feet daily. The company’s leadership thinks that with the right completion techniques, a well could yield close to 6 million cubic feet daily.
Presently, the company is formulating a developmental blueprint for this project.
“Our assessment of the underground data is on track, and I’m satisfied that the estimated volumes align with our expectations,” said Chief Executive Will Holland.
He further commented, “We’re continuing our technical evaluations and are shifting our focus to a developmental outline for this field, aiming to highlight the significant potential value of the license. Concurrently, as we evaluate the subsurface, we’re actively communicating with necessary parties to secure the essential permits and approvals. This will enable us to drill a further well and effectively showcase the field’s productivity.”
