Alamo Energy has entered into an agreement to farm into four UK onshore license blocks (TQ 26, TQ36, TQ46, TQ56) in the south of England totalling 400km sq. Pursuant to the agreement and subject to approval by the UK Department of Energy and Climate Change (DECC), Alamo will own a 90% working interest on the license which according to an independent geological report would estimate Alamo's potential median stake to be approximately 236 million stock tank barrels of oil initially in place (STOIIP).
Alamo has also submitted an application to become the exploration operator for the license. Under the terms of the license, the joint partners will have to undertake 60km of 2D seismic survey on the lease.
"This agreement fits Alamo's business model and provides us with an exploration opportunity in the Weald Wessex province directly north of the Palmers Wood Oilfield. We believe a prospect of this size and potential is normally associated with offshore fields," said Allan Millmaker, Alamo's Chief Executive Officer.
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