Through its 100% subsidiary, Terrain Energy, Evoterra operates two onshore oil and gas exploration licences, Egmating and Starnberger See, located in the Molasse basin to the south and southwest of Munich, in southern Germany.
In the area, active oil and gas exploration and production started in the in the 1960s and continued through the end of the 1980s. Several gas and oil accumulations were discovered in sandstones of Tertiary age and a number of fields within the licensed area were produced during the period, with production extending into the early 2000’s. Several of the gas fields have since been converted to gas storage.
Following the reprocessing and re-interpretation of vintage seismic and well data, the potential for deeper and shallower conventional oil and gas accumulations has been recognised. Through liaising closely with the geothermal industry which is active in the area and accessing their modern 3-D seismic and well data, we have identified significant remaining oil and gas potential. We are looking to develop this resource to provide local power supplies for local communities, thereby promoting energy self-sufficiency and sustainability.
Recent geothermal drilling in the area has indicated that there are remaining hydrocarbon reserves which could be developed.
At this time when the emphasis is to develop renewable energy resources, we recognise that oil and gas exploration causes some public concern. However, we also recognise that that this change cannot happen overnight and there must be an extended transition period from hydrocarbon based to renewable energy. We are committed to open and honest dialogue with communities about how our activities can provide a local power supplies for local communities, thereby promoting energy self-sufficiency and sustainability.