COUNTY NEWS: Oil and gas firms go into partnership ahead of testing in Sussex
Oil and gas exploration company Cuadrilla has partnered with Angus Energy ahead of testing an oil well in Sussex.
Cuadrilla was given approval to flow test and monitor the exploration well in Balcombe earlier this month.
The site has been the target of a vociferous campaign by groups and the application to test the oil well received thousands of objections.
Francis Egan, CEO of Cuadrilla, said: “Following the approval of our planning application to flow test and monitor the existing horizontal exploration well at Lower Stumble we are delighted to form this new partnership with Angus Energy, an existing and successful operator in the area.
“This agreement will enable the testing works of the existing well to be undertaken in a timely way and to the highest standards, whilst we continue to also focus on ourshale gas operations in the North West.”
Angus Energy will now join the existing Cuadrilla Balcombe Limited and Lucas Bolney Limited partnership.
Paul Vonk, Angus managing director, said: “This transaction aligns with our goal of enhancing shareholder value and we believe is another important company milestone as we execute our business plan.
“Both the new partnership along with Cuadrilla’s and Lucas’ recognition of Angus Energy’s ability to successfully manage and execute operations in a safe, environmentally sound and efficient manner at Balcombe are gratifying to our entire team.
“We are looking forward to the near term testing of Balcombe’s well as it will further add to our extensive existing knowledge base and understanding of the Kimmeridge layers of rock.”
“Angus Energy will pay the costs of the well testing. There will be no hydraulic fracturing as the rock is already naturally fractured.”