Europa Oil & Gas (Holdings) Plc Update on Wressle Oil Discovery

 
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 
 

(END) Dow Jones Newswires

February 07, 2017 02:00 ET (07:00 GMT)