Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas
27 June 2016
Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company')
Extension of Licence PEDL 143, the Weald Basin
Europa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration,
development and production company focused on Europe, is pleased to announce it
has received notification from the Oil & Gas Authority that the PEDL 143
Licence in the Weald Basin, Surrey, UK, has been extended by two years until 1
October 2018. This will enable Europa to drill the conventional Holmwood
prospect ('Holmwood'), which has estimated gross mean unrisked prospective
resources of 5.6 million barrels of oil ('mmbo') in Portlandian and Corallian
sandstones and a P90 - P10 range of resources of 1 to 11mmbo, in late 2016 / H1
2017, subject to funding.
PEDL143 is located in an area of the Weald Basin where 30 million barrels have
been produced to date from 14 oil and gas fields. The Holmwood prospect is
located 5km to the south of the Brockham oil field, which was discovered by BP
in 1987 and today produces oil from Portlandian sandstone reservoirs. Holmwood
is also 12km to the west of the Horse Hill-1 well in PEDL137 where UK Oil & Gas
Investments PLC ('UKOG') has reported production at a combined average stable
rate of over 1,688 bopd from Upper and Lower Kimmeridge Limestone reservoirs
and Upper Portland sandstone reservoir during flow tests.
Planning permission is in place for a deviated exploration well to be drilled
at Holmwood which will penetrate similar stratigraphy to Horse Hill, targeting
oil in Upper and Lower Kimmeridge Limestones in addition to Corallian and
Portlandian sandstones. The 5.6mmbo gross mean unrisked prospective resources
at Holmwood do not include any estimate for the Jurassic limestones which have
been found to be producing in Horse Hill. Subject to approval from the Oil &
Gas Authority for the farm out to Union Jack Oil ('UJO') (see announcement of
23 May 2016 for further details), Europa will have a 32.5% interest in, and
operatorship of, PEDL143 alongside Egdon Resources (18.4%), Altwood Petroleum
(1.6%), Warwick Energy (10%), UKOG (30%), and UJO (7.5%).
Europa CEO Hugh Mackay said, "The licence extension was necessary to drill the
5.6mmbo Holmwood prospect in late 2016 / H1 2017. We are looking forward to
drilling this conventional prospect which we rate as having a one in three
chance of success, as we focus on further growing our UK onshore production,
which is on track to more than double to in excess of 250 bopd in H2 2016 when
the Wressle discovery comes on stream."
* * ENDS * *
For further information please visit http://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
Simon Hicks finnCap Ltd + 44 (0) 20 7220
0500
Frank Buhagiar St Brides Partners Ltd + 44 (0) 20 7236
1177
Susie Geliher St Brides Partners 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. In 2015 Europa produced 141 boepd. Its
highly prospective exploration projects include the Wressle development
(targeting production start-up later in 2016 at up to 500 bopd gross) in the
UK; 100% owned gas exploration prospect (107 bcf) and appraisal project (CPR
277 bcf) in onshore France, a joint venture with Vermilion Energy also in
onshore France; and seven licences offshore Ireland with the potential to host
gross mean un-risked resources of more than 4 billion barrels oil and 1.5 tcf
gas across all seven licences.