UK Oil & Gas PLC Geothermal energy agreement with Ceraphi Energy (8102V)
16 Dicembre 2021 - 8:00AM
UK Regulatory
TIDMUKOG
RNS Number : 8102V
UK Oil & Gas PLC
16 December 2021
UK Oil & Gas PLC
("UKOG" or the "Company")
Geothermal energy hub agreement with Ceraphi Energy
UK Oil & Gas PLC (London AIM: UKOG) ("the Company") is
pleased to announce that it has signed a Heads of Terms with
Ceraphi Energy Ltd ("Ceraphi") to enter into a joint venture
agreement to develop part of the Company's Horse Hill site into a
geothermal energy hub ("GeoHub").
The GeoHub, currently at a conceptual stage, is targeted to
generate and supply more than 200,000 megawatt hours per year of
continuous baseload, primarily as heat energy. The project's first
phase would aim to supply significant industrial end-users in the
locality with 100% green heating and cooling plus ancillary green
electricity and/or hydrogen.
The GeoHub concept centres around six new deep geothermal
boreholes utilising Ceraphi's proprietary "closed-loop" downhole
heat exchanger technology, designed to transfer heat from the
surrounding hot rocks via heat pumps to the surface. Unlike most
conventional geothermal wells, the closed-loop system requires no
injection or circulation of water within the rocks between
boreholes, eliminating the possibility of induced seismic
activity.
As in established heat networks, heat from the GeoHub would be
delivered to the end user via a small diameter hot water pipe and
heat pump system. Subject to necessary permissions, further wells
and/or sites could be added at any stage to supply a wider spectrum
of end users.
The GeoHub's potential to supply continuous baseload energy with
zero carbon emissions is fully in line with the UK government's
"build back greener" net-zero strategy.
It is envisaged that current oil production at the site would
continue to the end of economic life and then boreholes would be
repurposed to add further geothermal baseload, transitioning the
site into 100% renewable energy provision.
Our partner, Ceraphi, is a new British technology company
specialising in delivering solutions in the geothermal energy space
and its energy cascade: https://ceraphi.com/
Upon execution of the joint venture agreement, conceptual
engineering design and preparation of a planning application are
planned to commence in the New Year.
Qualified Person's Statement
Matt Cartwright, UKOG's Commercial Director, who has 38 years of
relevant experience in the global oil industry, has approved the
information contained in this announcement. Mr Cartwright is a
Chartered Engineer and member of the Society of Petroleum
Engineers.
Stephen Sanderson, UKOG's Chief Executive commented:
"It makes perfect sense for the UK to harness the abundant green
heat energy beneath our feet to heat, cool and power our homes and
industry. The GeoHub's weather independent target baseload is
firmly in line with both the UK government's "build back greener"
strategy for net-zero and the Company's ambition to transition its
UK assets into sustainable green energy hubs. We look forward to
working with Ceraphi to further define and deliver the
project."
For further information, please contact:
UK Oil & Gas PLC
Stephen Sanderson / Kiran Morzaria: Tel 01483 941493
WH Ireland Ltd (Nominated Adviser
and Broker)
James Joyce / Andrew de Andrade: Tel 020 7220 1666
Communications
Brian Alexander: Tel 01483 941493
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END
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