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Europa Oil upbeat on progress at West Firsby
22nd Dec 2021 13:55
(Sharecast News) - UK, Ireland and Morocco-focussed exploration, development and production company Europa Oil & Gas updated the market on progress on the potential of West Firsby as a test site for sustainable geothermal energy systems on Wednesday.
The AIM-traded firm said Baker Hughes and CausewayGT had now indicated that the consortium would be undertaking a geothermal clean heat project at West Firsby.
It said the consortium's announcement stated that, if the project was successful, it would prove the operational ability to extract and use geothermal heat throughout Europe.
Europa previously announced the signing of a memorandum of understanding with CausewayGT Northern Ireland on 30 June, 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 chief executive officer 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 environmental, social and governance initiative, and will provide further updates in due course as the project progresses."
At 1126 GMT, shares in Europa Oil & Gas Holdings were up 3.48% at 1.19p.
The AIM-traded firm said Baker Hughes and CausewayGT had now indicated that the consortium would be undertaking a geothermal clean heat project at West Firsby.
It said the consortium's announcement stated that, if the project was successful, it would prove the operational ability to extract and use geothermal heat throughout Europe.
Europa previously announced the signing of a memorandum of understanding with CausewayGT Northern Ireland on 30 June, 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 chief executive officer 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 environmental, social and governance initiative, and will provide further updates in due course as the project progresses."
At 1126 GMT, shares in Europa Oil & Gas Holdings were up 3.48% at 1.19p.