Europa Oil & Gas (Holdings) Plc Update on Wressle Oil Discovery
February 07 2017 - 1:00AM
UK Regulatory
TIDMEOG
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas
7 February 2017
Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company')
Update on Wressle Oil Discovery
Europa Oil & Gas (Holdings) plc, the UK and Ireland focussed exploration,
development and production company, notes today's update from Egdon Resources
('Egdon') regarding plans to develop the Wressle Oil Field ('Wressle') at Lodge
Farm, Wressle in North Lincolnshire. Europa has a 30%* working interest in
Wressle alongside Egdon (operator, 25%), Celtique Energie Petroleum Ltd
(33.3%), and Union Jack Oil (11.67%), (together "the Joint Venture partners").
Following the refusal by North Lincolnshire Council to grant planning consent
for the Wressle development the Joint Venture partners intend to appeal against
the decision and file a new application which will include more detailed
information to address the specific concerns outlined in the decision. The
Joint Venture partners intend to lodge the appeal and file the new application
at the earliest opportunity.
Europa's CEO, Hugh Mackay, said "Wressle is located in the heart of the East
Midlands petroleum province and at an anticipated gross rate of 500 bopd would
almost double our existing production based on a 20%* interest. We are keen to
see this conventional oil field brought into production as soon as possible."
*On 24 November 2016, Europa announced it had signed a Sale and Purchase
Agreement ('SPA') with Upland Resources (UK Onshore) Limited in relation to a
10% interest in PEDLs 180 and 182. Completion of the SPA, which is subject to
planning and other approvals would result in Europa retaining a 20% interest in
the Licences.
* * 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
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 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.
END
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