Hutton Energy Plc is pleased to announce the signing of a Term Sheet with Newton Energy Corporation whereby Hutton will acquire 100% of its wholly-owned subsidiary, Newton Energy UK Limited. Newton UK has the exploration rights to four onshore UK licenses, PEDL 254, 255, 204 and 208 covering approximately 111,000 acres in the East Midlands.
The Term Sheet is subject to the normal due diligence, corporate and regulatory approvals and the negotiation of final agreements.
David Messina, MD of Hutton commented: “The acquisition of Newton UK gives Hutton exposure to the emerging shale gas sector in the UK as well as a number of exciting conventional prospects. This is consistent with Hutton’s strategy of combining both unconventional and conventional opportunities in the same basin. Importantly it also positions Hutton in both the UK and Poland, Europe’s most supportive shale gas countries.”
For more information about related Opportunities and Key Players visit Shale Gas Projects