Hydrocarbon exploration company Crogga says it is ‘absolutely delighted’ to have been awarded the licence to explore natural gas opportunities.

This week the Isle of Man Government announced Crogga as the company tasked with appraising and producing natural gas resources in Manx waters off Maughold Head.

The Isle of Man does not currently have its own energy supply and is therefore dependent on imported natural gas both for electricity generation and for heating homes and businesses.

The reserves identified during an appraisal of the Field in 1982 could help the Island become more energy secure.

Securing its own energy supply from gas will assist the Isle of Man in a transition to a lower carbon energy mix.

It provides an opportunity for residents and businesses to benefit environmentally, socially and financially.

Crogga has been founded by a team of Manx professionals, with a wide range of international business experience in the financial, oil and gas and other industries.

The company’s funding ensures there will be no direct cost to the Manx government or Manx public for Crogga’s appraisal operations.

In the coming months Crogga will acquire and process a 3-D seismic survey of the Field to map and appraise the reserves.

If the seismic appraisal programme confirms the presence of commercial accumulations of natural gas, the company will undertake appraisal drilling to ascertain the commercial viability of producing gas from the Field.

The planned appraisal and development programme for the Field is based on proven technologies and techniques consistent with those used in the UK North Sea.

Diccen Sargent, Chief Executive of Crogga, says: “We are absolutely delighted to have been awarded a licence to appraise the natural gas resources in Block 112/25.

“As Manx professionals, the best interests of the Island are at the heart of our business and will do everything in our power to ensure that opportunities are created for residents, businesses and marine stakeholders.

“Throughout both the appraisal and development operation, we will be working closely with the Isle of Man Government and the local community.

“We believe in a bright future for the Isle of Man as it transitions away from energy dependency on other nations.”