(Alliance News) - Europa Oil & Gas Holdings PLC on Monday said it completed the preliminary audit of the gross Cloughton gas in place volumes, resulting in a Pmean gas initially in place of 192 billion cubic feet.
The UK and Ireland-focused oil and gas exploration, development, and production company said the audit of the subsurface data was progressing well and that in-place volumes were within the range it was expecting
Europa Oil & Gas noted the discovery well at PEDL 343 in Cloughton, in which it has a 40% interest, flowed "good quality" sweet gas at rates of up to 40,000 standard cubic feet per day on natural flow.
The company believes that a well could flow at 6 million standard cubic feet per day when "using the correct completion techniques".
"As previously announced, the technical work continues and we are now looking at a conceptual development plan for the field, which we believe will demonstrate the material potential value of the licence," said Chief Executive Officer Will Holland.
"In parallel with the ongoing subsurface work we are also engaging with the various stakeholders required to obtain the necessary permits and consents needed to drill an appraisal well in order to demonstrate the productivity of the field."
Europa Oil & Gas said it looks forward to further updating shareholders of its progress "as we establish a conceptual development plan and progress with the stakeholder engagement".
Shares in Europa Oil & Gas were up 0.7% to 1.26 pence each in London on Monday just after midday.
By Greg Rosenvinge, Alliance News reporter
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Europa Oil & Gas (EOG)