Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas
29 May 2014
Europa Oil & Gas (Holdings) plc (`Europa' or `the Company')
Update on Drilling of Wressle Prospect, Onshore UK
Europa Oil & Gas (Holdings) plc, the AIM quoted oil and gas exploration and
development company with a combination of producing and exploration assets in
Europe, is pleased to announce it has been notified by Egdon Resources
(`Egdon'), the operator of Licence PEDL 180 in Lincolnshire (`PEDL 180' or the
`Licence') that the Wressle-1 conventional exploration well on the Licence is
expected to spud in July 2014, once construction of the drill site and rig
mobilisation has been completed.
PEDL 180 covers an area of 100km2 of the East Midlands Petroleum Province south
of the Europa operated Crosby Warren field. Europa has a 33.3% working interest
in the Licence with its partners Egdon (operator, 25%), Celtique Energie
Petroleum Ltd (33.3%) and Union Jack Oil (8.3%). 49km2 of 3-D seismic covering
PEDL180 was acquired in 2012 and has been processed and interpreted. Egdon
estimates the Wressle prospect to hold mean gross un-risked recoverable
resources of 2.1mmbo.
Europa's CEO, Hugh Mackay said, "Wressle is the first of two conventional wells
Europa will be drilling onshore UK in 2014, the other being Kiln Lane on PEDL
181. Combined these two wells are targeting an estimated 5mmbo of mean gross
un-risked recoverable resources, and each has a one in three chance of
materially adding to our existing UK production. Success at either of these
wells would significantly de-risk our other prospects already identified and
could lead to follow-up drilling activity in the near term. Alongside the
forthcoming drilling decision to be made by our partner, Kosmos Energy, in
relation to our two offshore Ireland blocks, which we expect this summer, this
is an exciting time for Europa, as we look to unlock the value of our
multi-stage portfolio."
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For further information please visit www.europaoil.com or contact:
Hugh Mackay Europa +44 (0) 20 7224 3770
Phil Greenhalgh Europa +44 (0) 20 7224 3770
Matt Goode finnCap Ltd +44 (0) 20 7220 0500
Henrik Persson finnCap Ltd +44 (0) 20 7220 0500
Frank Buhagiar St Brides Media and Finance Ltd +44 (0) 20 7236 1177
Lottie Brocklehurst St Brides Media and Finance Ltd +44 (0) 20 7236 1177
Notes
Europa Oil & Gas (Holdings) plc has a diversified portfolio of multi-stage
hydrocarbon assets that includes production, exploration and development
interests, in countries that are politically stable, have transparent licensing
processes, and offer attractive terms. The Company produced 170 boepd in the UK
during the first half of the 2013/2014 financial year, generating sufficient
revenues to cover corporate overheads. Its highly prospective exploration
projects include the Wressle and Kiln Lane prospects in the UK where wells are
due to be drilled this year; 100% owned gas exploration prospect (416 bcf) and
appraisal project (CPR 277 bcf) in onshore France; and a joint venture with
leading independent Kosmos to explore two licences in offshore Ireland in which
Europa has identified two prospects with estimated gross mean un-risked
indicative resources of 482 million barrels oil and 1.6 billion barrels oil
respectively.
