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.
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