UIL ticks another box in preparation for 2017
UIL Energy (ASX: UIL) has taken another step towards developing the Ocean Hill prospect located in the Perth Basin of Western Australia with the appointment of Ecologia Environmental Consultants.
The group which has completed 230 environmental projects over the last five years will conduct an on ground environmental assessment in relation to the planned Ocean Hill 3-D seismic program.
This news comes on the back of last week’s announcement that the company had engaged Aztech Well Construction to prepare the Ocean Hill 2 well design which will be submitted to the Department of Mines and Petroleum for approval.
UIL is planning the acquisition of 3-D seismic data covering up to 250 square kilometres of Ocean Hill permit EP495. The environmental assessment will form part of the environmental approvals, paving the way for the commencement of key developments in 2017.
Investors considering UIL should not use forward-looking statements alone or assumptions to form the basis of an investment decision. UIL is an early stage exploration company and independent financial advice should be sought if considering this stock.
With regard to UIL’s assets, the company’s permits (as outlined below) in Western Australia provide it with access to the largest domestic gas sector in Australia.
Management has highlighted that the gas market in that state is supply constrained with estimated gas prices to rise above $10 per gigajoule in real terms over the next 16 years.