Crogga Limited has shared its plans to start drilling for gas on Island from 2023.
In what it's calling the 'Independence well' - Crogga will begin to drill off Maughold Head sometime next year - with the company hopeful production can start in 2026.
Crogga was granted a license from the government back in 2018 to undergo the drilling - and commits the company to acquire a 3D seismic survey and drill two appraisal wells.
Work was delayed due to the pandemic - which ultimately saw the Manx government extend the excisting license in May this year.
In a statement released earlier this week, Crogga says if successful - the move will provide energy independence - with the business committed to cap gas prices at 80p.
Chief Executive Officer of Crogga, Dr Richard Hubbard, explained why he believes the drilling could be a good move for the Island:
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