Work has now commenced on planning the 2D seismic survey. Alamo Energy holds a 90% working interest on the license, which, according to an independent geological report, estimates the company’s potential median stake to be approximately 236 million stock tank barrels of oil initially in place.
Philip Mann, chief financial officer of Alamo Energy, 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.”
Alamo Energy’s UK exploration program is focused on four blocks spread over 154 square miles in an onshore oil and gas province in South East England. Its US operations are focused on the development of assets in Texas and Kentucky.
Currently, the company has rights to participate in four projects consisting of 13 wells in excess of 590 acres across Texas and has entered into a five well drilling program in Kentucky.
