Alamo Acquires 90% Stake in Onshore UK Blocks
Alamo Energy has successfully acquired a 90% working interest in four UK onshore license blocks (TQ26, TQ36, TQ46, TQ56) in the south of England totaling approximately 400 square kilometers, having received approval from the Department of Energy and Climate Change (DECC).
Work has now commenced on planning the 2D seismic survey. Alamo holds a 90% working interest on the license, which, according to an independent geological report, estimates Alamo's potential median stake to be approximately 236 million stock tank barrels of oil initially in place (STOIIP).
Philip Mann, Alamo's Chief Financial Officer said, "We are delighted to have officially formalized the deal. We are now able to move forward with our intended 2010 work program on this promising asset which starts with the planning of the seismic survey."