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

 
TIDMEOG 
 
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 
 
11 April 2017 
 
          Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company') 
 
                        Update on Wressle Oil Discovery 
 
Europa Oil & Gas (Holdings) plc, the AIM traded UK and Ireland focused oil and 
gas exploration, development and production company, notes the update issued 
today by Egdon Resources plc ('Egdon') regarding the Wressle Oil Field at Lodge 
Farm, North Lincolnshire ('Wressle').  This includes the commencement of the 
appeal process ('the Appeal') in respect of the refusal of planning consent for 
the development of Wressle by North Lincolnshire County Council ('the Council') 
on 11 January 2017.  Europa has a 30%* working interest in Wressle alongside 
Egdon (operator, 25%), Celtique Energie Petroleum Ltd (30%, after the sale of 
3.33% to Union Jack Oil which is subject to OGA approval), and Union Jack Oil 
(15%, following the above sale), (together 'the Joint Venture partners'). 
 
  * The Appeal is being undertaken via the Planning Inspectorate which is 
    currently validating the relevant documentation.  Egdon expects the 
    validation process to take between one and two weeks.  Following this, 
    Egdon and the Council will be notified of the start date and timetable for 
    the appeal process. 
 
  * As previously announced, Egdon will be submitting a new planning 
    application for the Wressle development during April 2017 and will include 
    detailed information to address the specific concerns outlined by the 
    Council in their refusal. 
 
  * The Environmental Permit for the Wressle development is expected to be 
    issued towards the end of April 2017, subject to the outcome of the current 
    consultation process on the draft permit which closes shortly. 
 
  * The water monitoring boreholes, for which planning consent was received at 
    the 11 January 2017 planning meeting, were successfully installed on the 
    existing Wressle well site during February 2017. 
 
Europa's CEO, Hugh Mackay, said "Wressle is just one of many conventional oil 
fields that have been discovered in the East Midlands, a petroleum province 
which has a long heritage of oil and gas production stretching over decades. As 
a result, we believe the case to bring Wressle into production is strong and we 
are hopeful that Egdon, in its capacity as operator of the licence, will be 
successful with the Appeal." 
 
*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. 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

April 11, 2017 02:00 ET (06:00 GMT)