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Market and Sector Type: 
Mining

Moorland Energy receives £7 million 

Article Date:  Dec 11 2009

Oil and gas investor Epi-V has invested £7 million in Surrey-based exploration company Moorland Energy.

The funding follows the recent announcement that gas reserves were confirmed at Moorland's Ebberston South well in North Yorkshire. The deal will enable the business to fund production at the site.

Lawrie Erasmus, chief executive of Moorland Energy, said: 'Data indicates that the Ebberston South site contains significant quantities of gas, so the cash flow generated by this strike will enable the business to progressively target other development, appraisal and ultimately exploration opportunities.'

Epi-V provided £10 million to the company in November 2008 to finance testing and drilling activities on two exploration licenses in the north of England.

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