Hutton Energy announced the signing of a Term Sheet with Newton Energy Corporation on Friday to acquire 100% of its wholly-owned subsidiary, Newton Energy UK Limited.
Newton UK has the exploration rights to four onshore UK shale licenses, PEDL 254, 255, 204, and 208 covering around 111,000 acres in the East Midlands.
Hutton Managing Director David Messina said, “The acquisition of Newton UK gives Hutton exposure to the emerging shale gas sector in the UK as well as a number of exciting conventional prospects. This is consistent with Hutton’s strategy of combining both unconventional and conventional opportunities in the same basin. Importantly it also positions Hutton in both the UK and Poland, Europe’s most supportive shale gas countries.”