Cornerstone Resources Group, a gas development company focused on creating substantial growth from low-carbon production, has secured North Sea Transition Authority (“NSTA”) confirmation of the finalisation of the Assessment Phase of the Abbey Field Development.

The Abbey Field, on which the Company is planning to drill three horizontal production wells, received confirmation of the Assessment Phase based on its Concept Select Report on 21 June 2022. The next step is for Cornerstone to now submit the Field Development Plan which it a anticipates will be within the next few weeks.

Peter Young, Chief Executive Officer of Cornerstone Resources Group commented:
“I am pleased that the NSTA has no objection to our Concept Development Plan for the Abbey development. The full Field Development Plan is at an advanced stage and we look forward to submitting this to the NSTA in the near future.  This is an important step towards bringing on stream a much-needed domestic gas resource to the UK and these maiden cashflows will support further advancement of our broader gas portfolio.”