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

 
TIDMEOG 
 
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 
 
3 July 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 the refusal of planning consent by North Lincolnshire 
County Council's Planning Committee for the development of the Wressle Oil 
Field ('Wressle') at Lodge Farm, Wressle, North Lincolnshire.  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 plc which is 
subject to OGA approval), and Union Jack Oil plc (15%, following the above 
sale). 
 
The decision of the Committee goes against the positive recommendation of the 
County Council's Planning Officer, which was determined after an extensive and 
thorough review of an amended field development plan. This included more 
detailed information to address the specific concerns outlined by North 
Lincolnshire County Council in their refusal of the original application on 11 
January 2017. 
 
The partners will now move forward with the appeal against the original 11 
January 2017 determination which is due to be heard in November 2017. 
 
Europa's CEO, Hugh Mackay, said: "While the Planning Committee's decision is 
disappointing, our focus and that of our partners switches to the appeal in 
November 2017.  We continue to believe the case for developing Wressle, which 
lies just 5km away from our own-operated Crosby Warren field in the heart of 
the East Midlands petroleum province, is a strong one and I look forward to 
providing further updates on our progress in due course. 
 
"Thanks to our portfolio of multistage projects, bringing Wressle on stream was 
just one of a number of exciting developments due to take place over the next 
few months across our licences.  Onshore UK, we are due to drill the 5.6 mmbo 
Holmwood prospect, which lies adjacent to the Horse Hill discovery and Brockham 
oil field in the Weald Basin. Offshore Ireland, activity is stepping up with 
drilling operations due to commence in the Porcupine Basin this summer 
following the imminent arrival of the Stena Icemax.  With one of the largest 
and most diverse licence positions covering 5,818 sq km, six play types, three 
basins and 32 prospects and leads, any drilling success in the region will have 
positive read across for Europa.  The second half of 2017 promises to be an 
exciting period for the Company." 
 
*On 24 November 2016, Europa announced it had signed a Sale and Purchase 
Agreement ('SPA') with Upland Resources (UK Onshore) Limited ('Upland') in 
relation to a 10% interest in PEDLs 180 and 182.  Completion of the SPA, which 
is subject to approval from the Oil & Gas Authority and the granting of 
planning consent, would result in Europa retaining a 20% interest in the 
Licences. 
 
The information communicated within this announcement is deemed to constitute 
inside information as stipulated under the Market Abuse Regulations (EU) No. 
596/2014. 
 
                                 * * 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 
(targeting production start-up in early 2017 at up to 500 bopd gross) 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

July 03, 2017 10:42 ET (14:42 GMT)