Europa Oil & Gas (Holdings) Plc Update on three Offshore Ireland licences

 
TIDMEOG 
 
The information communicated within this announcement is deemed to constitute 
inside information as stipulated under the Market Abuse Regulations (EU) No. 
596/2014. 
 
 Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 
 
19 June 2017 
 
          Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company') 
 
                   Update on three Offshore Ireland licences 
 
Europa Oil & Gas (Holdings) plc, the AIM traded, UK and Ireland focused, oil 
and gas exploration, development and production company, is pleased to announce 
Irish Government consent has been received for the extension of Phase 1 of 
Frontier Exploration Licences ('FEL') 2/13 and 3/13 by two years to 4 July 
2019. This follows Europa's agreement to certain provisions attached to the 
extensions.  The Irish Government has also approved an application to convert 
Licensing Option ('LO') 16/2 to a Frontier Exploration Licence ('FEL 1/17'). 
Execution of the relevant documentation is currently underway.  Europa has a 
100% interest in all three licences which are located in the South Porcupine 
basin, offshore Ireland. 
 
Click on the link to view a map http: //www.europaoil.com/ 
OperationsIreland.aspx 
 
The work programmes on all three licences will include Pre-Stack Depth 
Migration ('PSDM') of 3D seismic data which was previously acquired in 2013. 
The objective of this work is to mature existing prospects and leads, 
particularly in the pre-rift and syn-rift plays, to drill ready status. The 
work may also de-risk existing drill-ready prospects in the Cretaceous fan 
play.  PSDM reprocessing over FEL 3/13 and LO 16/2 (to become FEL 1/17) has 
commenced,and a similar programme of work over FEL 2/13 is in preparation, all 
funded by our recent Placing and Open Offer. 
 
Gross mean un-risked Prospective Resources associated with these licences are 
tabulated below: 
 
Licence            No. of    Gross mean un-risked Comment 
                   prospects prospective 
                   & leads   resources mmboe 
 
FEL 3/13           3         1,492                CPR ERC Equipoise 
 
LO 16/2            3         898                  ERC CPR & in-house 
 
FEL 2/13           9         1,124                Europa in-house 
 
Europa CEO Hugh Mackay said, "Following government approval we will immediately 
start the work programmes on these licences in the South Porcupine basin. PSDM 
reprocessing work is already underway to mature prospects and leads 
particularly in the syn-rift and pre-rift play, as we look to deliver on our 
target to upgrade at least six of our existing inventory of 32 offshore Ireland 
prospects to drill-ready status.  This work may also further de-risk our 
existing drill-ready prospects in the Cretaceous fan play. 
 
"As a consequence of our recent oversubscribed placing for GBP2.1 million with 
new and existing institutions and our very well subscribed open offer raising a 
further GBP1.3 million, we are fully funded to undertake all our work programmes 
in Atlantic Ireland immediately and concurrently. Together with the anticipated 
start up of exploration drilling elsewhere in the South Porcupine these are 
exciting times for Atlantic Ireland and for Europa in particular.  We look 
forward to providing our investors further updates as the story evolves." 
 
                                 * * 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

June 19, 2017 02:00 ET (06:00 GMT)