Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Europe's shale gas land grab reaches Ireland

Europe's shale gas land grab reaches Ireland

Ireland has joined the growing list of European countries with prospective areas for shale gas exploration. Yesterday Enegi Oil (LON:ENEG) was given an option over 495-square kilometres in the Clare Basin, in west Ireland.

“The initiation of a programme to search for shale gas In Ireland by Enegi should come as no real surprise given the work being carried out in the US, Canada and latterly the grab for licences in Europe,” Davy analyst Job Langbroek said in a note today.

Langbroek adds: “The arrival of Enegi mirrors the events in the rest of Europe, where other groups are examining the local geology for potential shale gas plays. 

“However, the same issues that present on the continent are also likely to be found in Ireland, and it is likely that there will be considerable scrutiny of any progress – especially with respect to environmental issues.”    

Yesterday Enegi chief executive Alan Minty said: "Enegi has adopted a strategy of reducing risk concentration. 

“The award of this option demonstrates the commitment of the company to build a portfolio of assets where real value can be created whilst minimising the financial risk of the company."

The company will need to spend £500,000 on a technical programme before it can apply for an exploration licence.

Enegi reckons that the Clare Basin has the potential to contain shale gas. 

“Well log analysis indicates the presence of a hot shale area, within the Clare Shale, that appears favourable for shale gas generation,” it said.

 

View full NUOG profile View Profile

Nu-Oil and Gas Plc Timeline

Related Articles

Offshore oil operations, North Sea
October 09 2017
Statoil sees between 25mln and 130mln barrels of oil in the new discovery which was unearthed in the side-track to the previously unsuccessful Verbier exploration well.
picture of oil facilities
August 14 2017
Echo has ‘two fantastic opportunities’ in Huayco and Rio Salado in Bolivia
onshore oil operation
March 16 2017
“We are now in the process of starting to unlock the inherent value in our asset base,” said chief executive Andrew Knott.

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use