Next Generation Energy has agreed to acquire a 31km² area of natural gas and oil in the prolific Devonian Shale region of Southeast Kentucky, US.
The assets include 39 tracks located in Knox County, which is known for large reserves of natural gas and oil with an appraised value of $55m.
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The assets have recoverable natural gas and oil reserves of 20-80 barrels per day of oil and ten million to 200 million cubic feet of natural gas.
Next Generation Energy CEO Darryl Reed said that the firm is in the process of selecting an operator to begin developing these newly acquired tracts.
“The major advantage for developing these tracts is that recovery is achieved at much shallower depths between 2,000 and 2,500ft, thereby significantly reducing drilling costs,” Reed said.
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By GlobalData
