Alamo, Northdown to develop UK onshore licences

Alamo Energy has entered an agreement with Northdown Energy for the development of its UK onshore assets.

Under the terms of the agreement, Alamo will farm out a 45% working interest in its four onshore licences located in the Weald basin to Northdown.

The onshore licences – TQ26, TQ36, TQ46 and TQ56 – are spread over a 400km² area and based on an independent geological report, with a total estimated hydrocarbons resource of 236 million barrels.

Alamo will retain a 45% working interest in the properties, and the remaining 10% interest will be retained by Aimwell Energy.

Alamo Energy’s CEO Allan Millmaker said that firm will start a seismic survey of the property during the first half of 2012, based on the schedule of its seismic contractor.