Perth-based oil and gas explorer WHL Energy says it will sell off its UK-based wind energy projects to focus on its Seychelles oil and gas assets, and its recently-awarded 33 per cent stake in a petroleum exploration permit off the Western Australian coast.
WHL said the decision to relinquish its UK wind farm assets followed a lengthy independent investigation and technical review.
The review found the length of time and cost required to resolve issues relating to local radar mitigation and obtaining planning consents would have resulted in the Wings Law wind farm not providing sufficient value for the company or its shareholders.
WHL Energy managing director, Steve Noske, said the decision would allow the company to fully focus its attention to its flagship Seychelles oil and gas project and the recently awarded West Australian petroleum exploration permit WA-460-P.
“Since acquiring the Seychelles asset last year, WHL Energy has rapidly transformed into an up-and-coming oil and gas company with quality international assets,” Mr Noske said in a statement.
“We are at a key stage in moving our large offshore Seychelles oil and gas project forward, with discussions continuing with a number of potential farm-in partners and we look forward to reporting more exciting developments for the company during 2012.”
At close of trade today WHL stocks had gained 2.2 per cent, to trade at 4.6 cents.
