Firm seeking investors to fund project off Maughold
The company with a licence to explore for gas off the Island's coast has appointed a firm to begin drilling at the site.
Crogga has partnered with THREE60 Energy, with a view to starting to drill the first well at the gas field off Maughold in October.
If successful, it's hoped the first natural gas will be produced in early 2026.
Crogga's chief executive officer Richard Hubbard says this step will determine whether the site can be developed into one of the largest gas fields in the Irish Sea:
Crogga is also seeking investment from the Manx public to fund the project.
It needs £32.5m to cover the costs of drilling at the site off Maughold.
The firm has launched a local share offer through its website for Island residents who want to invest in the scheme.
While the company warns there are no guarantees the well will be commercially successful at this stage, it forecasts that investors can expect big profits if the site is viable.
Mr Hubbard says Crogga wants to give locals a chance to get involved in the project:
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