Europa Oil & Gas (Holdings) PLC Acquisition of Shale Petroleum (UK) Limited

 
TIDMEOG 
 
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 
 
15 August 2016 
 
          Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company') 
 
                  Acquisition of Shale Petroleum (UK) Limited 
 
Europa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration, 
development and production company focused on Europe, is pleased to announce 
that it has completed the acquisition of Shale Petroleum (UK) Limited for a 
nominal consideration of GBP1.  As consequence of this acquisition Europa has 
increased its equity interest in PEDL299 and PEDL343 exploration licences 
awarded in the 14th UK Landward Licensing Round to 33.32% and 45.0% 
respectively. 
 
Europa has purchased 100% of the issued share capital of Shale Petroleum (UK) 
Limited, a subsidiary of Shale Petroleum Limited ("SPL") a privately held 
Canadian independent oil & gas explorer headquartered in Calgary.  SPL set up 
the subsidiary Shale Petroleum (UK) Limited in order to apply for exploration 
licences in the 14th UK Landward Licensing Round. 
 
Subject to the approval of the Oil & Gas Authority ("OGA"), Europa's interest 
in INEOS-operated PEDL299, which contains the Hardstoft oil field, will 
increase from 16.66% to 33.32%. Europa's interest in Third Energy-operated 
PEDL343, where the objective is to appraise the Cloughton gas discovery, will 
increase from 22.5% to 45%. In light of its increased equity exposure to 
associated work programmes in PEDL299 and PEDL343 Europa has elected not to 
accept the award of PEDL286 "Goole" in the southern Cleveland Basin (where 
interest would have increased from 50% to 100%). 
 
Information about these licences was provided in announcements made on 17 
December 2015 and 14 March 2016. In earlier announcements the Cleveland Basin 
licence was referred to as PEDL348; the OGA has since renumbered this PEDL343. 
 
Europa CEO Hugh Mackay said "We are pleased to increase our equity in two 14th 
round licences and provide our investors with exposure to two high quality and 
low risk projects. The Hardstoft oil field in the East Midlands Petroleum 
Province was discovered in 1919 by the UK's first ever exploration well. A 
competent person's report on Hardstoft, issued by joint venture partner Upland 
Resources, identified gross 2C contingent resources of 3.1 million barrels oil 
(mmbo) and gross 3C contingent resources of 18.5 mmbo in PEDL299. PEDL343 is in 
the Cleveland basin and contains the Cloughton gas discovery made in 1986 and 
tested gas to surface from Carboniferous sandstone reservoir. We are excited by 
the possibility of producing commercial quantities of gas from this reservoir 
interval." 
 
                                 * * 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 in H2 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 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 
 

(END) Dow Jones Newswires

August 15, 2016 02:00 ET (06:00 GMT)