The oil produced at the site will be sold to a domestic
refinery. The new well site could produce oil for up for 21
years, the company said on its website.
($1 = 0.8058 pounds)
(Reporting by Nina Chestney; Editing by Susan Fenton)
LONDON, April 17 (Reuters) - British oil and gas
exploration company IGas Energy said on Monday it has
been granted planning consent to develop a new oil well site in
Lincolnshire.
The site is close to IGas' existing Glentworth-K site which
has been producing oil for 60 years.
Lincolnshire county council has granted planning permission
for an initial appraisal well and up to six horizontal
development wells in the second phase of the development.
The first phase has the potential to add around 200 barrels
a day (bbl/d) of oil and the second phase could add a further
500 bbl/d, IGas said in a statement.
The first phase has a mid-case net present value of 17.5
million pounds ($21.7 million), it added.
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