The new permit area, known as Sud Midi which is located North of France, will cover 929sq km. The permit is granted for a five-year term until July 23, 2015, with a total expenditure commitment of EUR1.9m.
The exploration permit is adjacent to EGL’s Gazonor Production Concession, and together with the Valenciennois Exploration Permit, forms a contiguous permit area of 1,352sq km.
Peter Cockcroft, CEO of EGL, said: “This is an exciting addition to our current exploration and production asset portfolio located in the largest coal basin in France.
“The Sud Midi permit is ideally located relative to EGL’s existing production facilities, thus any exploration success in the Sud Midi permit will be relatively easy to commercialize and bring on stream, selling into well established markets.”
