Cornerstone, a gas development company focused on creating substantial growth from low-carbon production, is delighted to have completed the farm out of 85% of its Abbey development and also 70% of the nearby Baker low risk exploration prospect to Petrogas North Sea Ltd who has assumed Operatorship of both projects. Cornerstone will receive consideration upfront and at Final Investment Decision, and after the respective Final Investment Decisions, will be fully carried through the Abbey development and Baker exploration well, without any cap on costs. After certain milestones, post first gas, Cornerstone also has the right to increase its share in Abbey to 30%.

Peter Young, Chief Executive Officer of Cornerstone Resources Group commented:
“We are delighted to be bringing in a very high quality and credible partner in Petrogas on both Abbey and Baker. Our teams are already working very closely together and the deep experience of our team is being enhanced by our new partner’s significant experience to the benefit of both projects. This is truly a win win deal for both parties and we are all excited about developing this partnership further.

Whilst the priority for Cornerstone will remain the development of Abbey, our broader ambitions are unchanged. We anticipate growing the portfolio both via acquiring new developments and potentially also producing assets. All our development work is premised on minimising and reducing our environmental footprint and that is a core attribute of Cornerstone. It is inevitable that as we grow our portfolio we will continue to broaden our understanding of renewable energy sources and look to invest in such sources that are complementary to our core business.

KeyFacts Energy: Cornerstone UK country profile   l   KeyFacts Energy: Farm-in agreements

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