Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas
23 July 2013
Europa Oil & Gas (Holdings) plc (`Europa' or `the Company')
Update re French Exploration Permits
Europa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration and
development company with a combination of producing and exploration assets in
Europe, announces that its two 100% held permits in the Aquitaine Basin,
onshore France, Bearn des Gaves and Tarbes Val d'Adour, have not been renewed
within the set timeframes of the renewal process. Under the terms of the
respective agreements, if notification of renewal has not been received by the
expiry date then the permits are deemed to have lapsed.
Europa intends to appeal this outcome for both the Bearn des Gaves and Tarbes
Val d'Adour permits and has submitted appeals for each permit to the relevant
French authorities. Further updates with respect to the appeal process will be
provided by the Company as and when it is appropriate to do so. Unless the
appeals are successful, total aggregate exploration costs of £1.2 million
previously incurred on the permits by Europa will be written off in the current
financial period.
Europa's CEO Hugh Mackay said: "The Minister of Ecology, Sustainable
Development and Energy is required to provide final sign-off for all
exploration permits in France and we note there was a change of Minister during
the renewal process. Our appeal for both permits to be renewed has been
submitted to the new Minister and we will be seeking a resolution as a matter
of priority.
"Progress continues to be made across our licences which include production and
exploration in the UK as well as high impact exploration offshore Ireland. In
the UK, we will be drilling the Wressle Prospect later this year while in
offshore Ireland, a 3D seismic acquisition programme on Frontier Exploration
Licences 2/13 and 3/13 in which Europa holds a 15% interest is currently being
undertaken by Kosmos Energy, the operator."
**ENDS**
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 currently produces
approximately 180 boepd in the UK, generating sufficient revenues to cover
corporate overheads. Its highly prospective exploration projects include the
Wressle prospect in the UK where a well is due to be drilled later in 2013; and
a joint venture with leading independent Kosmos Energy 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.
