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Hutton Expands Its Position in the UK Onshore Licensing Round

Source: www.gulfoilandgas.com 8/18/2015, Location: Europe

Hutton Energy Ltd has been offered three licenses in the first tranche in the UK 14th Onshore Licensing Round. These licenses are an addition to Hutton’s existing licenses in the East Midlands bringing Hutton’s interest in the UK to over 200,000 gross acres.

Managing Director David Messina commented:
“The 14th Onshore Licensing Round was very competitive and we are pleased to expand our current position in the Widmerpool basin, as well as the opportunity to explore in the Gainsborough basin to the north.
Our philosophy is to use our experience from North America to secure assets in multiple basins and play types to manage risk in emerging plays. An important facet of our strategy is to target both conventional and unconventional resources, as we see them working hand in hand to develop a sustainable business in the short and long term.
We welcome the UK government’s recent announcement to speed up planning applications for oil and gas operations. This will provide the confidence required to attract both the companies and investors that are required to fully quantify the shale potential in the UK.
We are pleased the government has taken the decision to announce the first tranche of offers from the 14th round and we look forward to the results of the second tranche later this year.”
The licenses will not be finalised until after the habitats assessment consultation process has been completed.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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