Arenite Petroleum – an Aberdeen-based oil and gas exploration company – has acquired a further 10% equity stake in an on-shore gas field in northern England.
Privately-held Arenite has bought the stake from from joint venture partners Europa Oil and Gas Limited in the Cleveland Basin licence PEDL 343 in North Yorkshire, where the new licence equity interests now comprise:
- Third Energy UK Gas 20% (Operator)
- Europa Oil & Gas 35%
- Egdon Resources 17.5%
- Arenite Petroleum 15%
- Petrichor Energy UK Gas 12.5%
Mike Cooper, Chief Executive, Arenite Petroleum, said: “With state-of-the-art drilling, completion and production techniques, commercial deliverability can be achieved in such Carboniferous discoveries. This is a vast resource which could help transform both the national and local economy.
“The Carboniferous is known to hold huge potential in both shale gas and tight sandstone strata throughout Northern England, as reported in the BGS/DECC Bowland Shale gas study.
“We recently completed a successful raise via crowd-funding and the new investors will be pleased the hoped-for trebling of our equity position in PEDL343 has delivered our first goal for 2017.”
See also: 4 Jan 2017
Arenite Petroleum discovers ‘huge’ new N. Sea gas-field off Scarborough