EnergyPathways PLC (AIM:EPP) has outlined its strategic plan and progress for the year 2024, focusing on its Marram Field project.
The company, which recently joined the AIM market via a reverse takeover, plans to push the Marram project off England’s North West coastline towards a Final Investment Decision (FID) in 2024.
Marram is located in the Irish Sea and it is described as a low-emission gas field with up to 35.3 Bcf of undeveloped gas reserves, which could be brought into production starting as early as 2025.
Laying out the pathway to Marram’s ‘greenlight’ via an FID, the company highlighted a number of commercial and technical objectives – such as securing long lead items for development, the completion of key studies and planning.
With this in mind, EnergyPathways noted that it has so far secured a first right of refusal for two subsea production trees and it has received positive feedback on its interim environmental statement for the project.
“With our AIM admission concluded a few weeks ago, our full focus has turned towards the operational milestones that will define this year and generate material long-term value for our stakeholders,” chief executive Ben Clube said in a statement.
“Our intention is to progress the Marram Project towards FID and we are progressing the various commercial and technical workstreams to achieve that critical value-catalyst.
“The economics of the project are very attractive and the fundamental market drivers for the development of the Marram Project remain compelling - both of which provide confidence that we will achieve FID in the timeframe set out during the IPO process.”
Clube added: “We are presently engaged in evaluating tie back options for the development that best position the company for the development of the broader regional potential.
“We are in progressive discussions regarding development financing arrangements and are encouraged by the reaction of counterparties who recognise the strong cash flow profile and rapid payback of the project.”
Additionally, Clube noted that the company is screening opportunities to build its “materiality and scale” and it is looking forward to news in the coming months regarding what he described as potential “Marram lookalikes” which the company bid for in the UK’s 33rd licensing round.
“We look forward to communicating our progress to the market as we achieve the numerous core operational milestones set out today,” he added.
EnergyPathways joined AIM in December, raising £2 million of new capital alongside its reverse takeover of AIM-listed shell Dial Square Investments PLC. The float effectively valued the company at £6.32 million.