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(Sharecast News) - UK, Ireland and Morocco-focussed exploration, development and production company Europa Oil & Gas updated the market on progress on the potential of West Firsby as a test site for sustainable geothermal energy systems on Wednesday.
The AIM-traded firm said Baker Hughes and CausewayGT had now indicated that the consortium would be undertaking a geothermal clean heat project at West Firsby.
It said the consortium's announcement stated that, if the project was successful, it would prove the operational ability to extract and use geothermal heat throughout Europe.
Europa previously announced the signing of a memorandum of understanding with CausewayGT Northern Ireland on 30 June, to carry out geothermal studies to assess the potential of West Firsby as a test site for sustainable, clean geothermal energy systems.
"I am excited to see that Baker Hughes and CausewayGT have agreed to collaborate on geothermal projects and have concluded that the West Firsby Oilfield, which is owned and operated by Europa, is a suitable candidate for developing a closed loop geothermal system," said chief executive officer Simon Oddie.
"This project has significant implications for Europa and could result in some of our well stock being repurposed to generate emission free geothermal energy.
"I look forward to working with Baker Hughes and CausewayGT on this project, which forms an important part of Europa's environmental, social and governance initiative, and will provide further updates in due course as the project progresses."
At 1126 GMT, shares in Europa Oil & Gas Holdings were up 3.48% at 1.19p.
30 May 2022 16:16
IN BRIEF: Europa Oil & Gas and i3 sign services contract for Serenity
Europa Oil & Gas Holdings PLC - oil and gas exploration, development, and production in UK, Ireland and Morocco - and i3 Energy PLC - oil and gas producer in the UK and Canada - i3 enters three-year contract with Petrofac Facilities Management Ltd for the subsidiary of Petrofac Ltd to provide well engineering, operations management and operator services for drilling of Serenity appraisal well. Serenity is located on its UK North Sea license P2358 block 13/23c, for which i3 is the operator and Europa holds a 25% working interest. i3 says well slot is secured for commencement date between August 15 and September 15 this year.
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