Europa Oil & Gas (Holdings) PLC (AIM:EOG) told investors that according to a new preliminary audit, the Cloughton project’s mean gas in place volumes are now estimated at some 192 billion cubic feet.
A discovery well at Cloughton previously flowed ‘good quality sweet’ gas at rates of up to 40,000 cubic feet per day, and, management believes that a well using ‘correct completion techniques’ could flow at around 6 million cubic feet per day.
The company is currently working on a conceptual development plan for the project.
"Our audit of the subsurface data is progressing well and I am pleased that the in-place volumes are within the range that we were expecting,” chief executive Will Holland said in a statement.
He added: “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.
“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.”