Europa Oil & Gas (Holdings) Plc Assignment of interest in UK onshore Licence

 
TIDMEOG 
 
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 
 
14 March 2017 
 
          Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company') 
 
                  Assignment of interest in UK onshore Licence 
 
Europa Oil & Gas (Holdings) plc, the AIM traded UK and Ireland focused oil and 
gas exploration, development and production company, announces that following 
the acquisition of Shale Petroleum (UK) Limited ('SPL') for a nominal 
consideration of GBP1 (see announcement of 15 August 2016 for further details), 
it has re-assigned a 10% interest in UK onshore licence PEDL 343 ('the 
Licence') to Arenite Petroleum Limited. 
 
The acquisition of SPL resulted in Europa's interest in PEDL343 increasing from 
22.5% to 45%. Following the re-assignment, which is in accordance with an 
existing commercial arrangement, Europa's interest in the Licence is 35% 
alongside Arenite Petroleum Limited (15%), Third Energy UK Gas Limited (20%), 
Egdon Resources UK Limited (17.5%) and Petrichor Energy UK Gas Limited (12.5%). 
 
PEDL343 is operated by Third Energy and contains the Cloughton gas discovery 
made by Bow Valley. An exploration well in 1986 flowed a small amount of gas to 
surface on production test from Carboniferous sandstone reservoirs. Europa 
regards Cloughton as a gas appraisal opportunity. 
 
                                 * * 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. Its highly prospective exploration 
projects include the Wressle oil 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. In 2016 Europa produced 123 boepd from its 
portfolio of onshore UK 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

March 14, 2017 03:00 ET (07:00 GMT)