Europa Oil & Gas (Holdings) PLC (AIM:EOG) updated the market on the potential of West Firsby in the East Midlands as a test site for sustainable, clean geothermal energy systems.
The UK, Ireland and Morocco focused oil and gas exploration, development and production company said it is “excited” by an announcement yesterday from Baker Hughes and Causeway Geothermal (NI) Ltd that the consortium will undertake a geothermal clean heat project at West Firsby.
The release said if this project is successful, it "will prove the operational ability to extract and use geothermal heat throughout Europe".
Europa previously announced in June the signing of an MOU with Causeway Geothermal 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 Europa chief executive 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 ESG initiative, and will provide further updates in due course as the project progresses."