Alkane Energy rises on tie up with Aberdeen Drilling
Alkane Energy is "farming in" Aberdeen Drilling to two of its exploration licences in the North East and East Midlands regions of England.
Alkane Energy is "farming in" Aberdeen Drilling to two of its exploration licences in the North East and East Midlands regions of England.
The agreement could see Aberdeen gain up to 50% of the concessions in a drilling campaign focused on "coal bed methane".
The estimates for the total gas in place for both sites are currently 385bn cubic feet.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Alkane's Chief Executive, Neil O'Brien, said the deal, which is Alkane's first venture in coal bed methane, was part of a strategy of transferring skills to "related business streams."
The company's main focus is extracting methane from coal mines.
News of the tie up saw the stock gain 4.03% by 10:15am. Over the last year Alkane shares have dropped 4.6%.
BS
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
CrowdStrike IT outage: a global meltdown
Millions were affected by the CrowdStrike IT outage recently, which grounded flights and took the news off the air. Was this just a hiccup or a warning of much worse to come?
By Simon Wilson Published
-
Revolut finally bags a UK banking licence – what's next for the fintech?
Revolut has finally been granted a UK banking licence following three years of negotiations with the regulator
By Kalpana Fitzpatrick Published