January 22, 2018 / 8:32 AM / a year ago

Angus Energy to buy stake in Cuadrilla's UK Balcombe oilfield licence

LONDON, Jan 22 (Reuters) -

* Oil and gas exploration company Angus Energy has agreed to acquire a 25 percent interest in Cuadrilla’s UK licence for onshore oil exploration at the Balcombe Field discovery in West Sussex, shale oil and gas developer Cuadrilla said on Monday

* “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 our shale gas operations in the North West,” said Francis Egan, chief executive of Cuadrilla

* Cuadrilla received approval to flow test and monitor the exploration well at Lower Stumble, Balcombe, this month

* As part of the agreement, Angus Energy will pay the costs of the well test program

* All operations will be performed through conventional production. No hydraulic fracturing is needed as the rock is already naturally fractured

* The acquisition is subject to UK regulatory consent (Reporting by Nina Chestney; editing by Jason Neely)

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