Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas
26 October 2016
Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company')
Publication of 1.5 billion boe CPR on Offshore Ireland Licence
Europa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration,
development and production company focused on Europe, is pleased to announce
that, following the conclusion of the 2015 Atlantic Ireland Licensing Round,
the Competent Persons Report (CPR) undertaken by ERC Equipoise Ltd (`ERCE')
covering Frontier Exploration Licence ('FEL') 3/13 in the Porcupine Basin,
offshore West Ireland has been uploaded onto the Company's website.
The report can be found http://www.europaoil.com/reportsandpresentations.aspx.
A summary of the CPR was announced on 12 May 2015 and identified combined gross
mean un-risked prospective resources of 1.5 billion boe across three Cretaceous
fan prospects (Beckett, Shaw and Wilde) in FEL 3/13. Further work by ERCE
announced on 26 October 2015 indentified US$7 billion net mean un-risked NPV10
for Europa's 100% interest in these three prospects in FEL 3/13.
Prospect Wilde in FEL 3/13 is considered drill ready and has gross mean
un-risked prospective resources of 428 million boe, a chance of success of 1 in
5.3 and a drill cost of US$37 million, excluding mobilisation and
demobilisation. Europa's intended well location on Wilde would also penetrate
the edge of Prospect Beckett and would therefore potentially provide critical
information about this 728 million boe prospect.
Europa is participating in the Atlantic Ireland conference in Dublin on 1 and 2
November 2016 where it has a stand and will be making two presentations:
* "Insights into the geology of the South Porcupine from 3D seismic over
FEL's 2/13 and 3/13"; and
* "Europa Atlantic Ireland - acreage, prospects and farm-out timeline".
Both presentations will be posted onto Europa's website. The Board would be
pleased to meet interested parties in Dublin to discuss insights and
opportunities arising from the Company's Atlantic Ireland portfolio.
* * 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 2016 Europa produced 123 boepd. Its
highly prospective exploration projects include the Wressle development
(targeting production start-up in early 2017 at up to 500 bopd gross) in the
UK; and seven licences offshore Ireland with the potential to host gross mean
un-risked prospective and indicative resources of more than 4 billion barrels
oil equivalent and 1.5 tcf gas across all seven licences.
Qualified Person Review
This release has been reviewed by Hugh Mackay, Chief Executive of Europa, who
is a petroleum geologist with 30 years' experience in petroleum exploration and
a member of the Petroleum Exploration Society of Great Britain, American
Association of Petroleum Geologists and Fellow of the Geological Society. Mr
Mackay has consented to the inclusion of the technical information in this
release in the form and context in which it appears.