THE oil firm planning to drill off Studland has secured funding for the well.
Corallian Energy last year put forward a proposal to drill an appraisal well in the 'Colter Prospect' in Poole Bay at a cost of some £7 million, using a floating 'jack-up' rig.
The scheme, which attracted opposition from Bournemouth council, Dorset Wildlife Trust, Christchurch MP Sir Christopher Chope and TV presenters Chris Packham and Kate Humble, among others, is still awaiting regulatory approval from the Government, but Corallian has said it hopes to begin drilling before the end of the year.
The well would be drilled 1,800m underground, in water some 16m deep.
According to a statement on the London Stock Exchange by Reabold Resources, a major investor in Corallian, the drilling is fully funded. The well is estimated to contain some 30 million barrels of oil.
According to the proposal, while the appraisal process may require the rig to be in place for several weeks, if extraction is deemed to be viable the well itself would be drilled horizontally from Wytch Farm.
Environmental campaigners have expressed fears the appraisal well could cause an accidental spill of oil or drilling chemicals, leading to contamination of marine habitats.
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