Europa Oil & Gas (Holdings) Plc Existing Planning Consent for Wressle Extended

 
TIDMEOG 
 
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 
 
25 January 2019 
 
          Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company') 
 
   Extension of Existing Planning Consent for Wressle Oil Discovery Granted 
 
Europa Oil & Gas (Holdings) plc, the UK and Ireland focused oil and gas 
exploration, development and production company, notes today's update from 
Egdon Resources ('Egdon') that its application to extend the existing planning 
consent for the Wressle site by a year, was approved by the Planning Inspector 
on appeal yesterday.  Europa has a 30% working interest in licence PEDL 180 in 
the East Midlands which holds the Wressle oil discovery, alongside Egdon 
(operator, 30%), Union Jack Oil (27.5%), and Humber Oil & Gas Limited (12.5%) 
('the Joint Venture partners'). 
 
The original application to extend the existing planning consent was refused by 
North Lincolnshire Council's (the "Council") Planning Committee on 1 August 
2018, despite having been recommended for approval by the Council's Planning 
Officer.  This extension to the existing planning consent to 24 January 2020 
should allow the required time for the determination by a Planning Inspector of 
an appeal against the refusal by the Council's Planning Committee of the 
Company's application for the development of the Wressle oil field (see 
announcement of 28 November 2018 for further details).  Egdon plans to submit 
the appeal documentation in relation to this in the coming week and further 
updates will be provided in due course. 
 
The Wressle oil field was discovered by the Wressle-1 well in 2014.  During 
testing in 2015, Wressle-1 flowed oil and gas from three separate reservoirs, 
the Ashover Grit, the Wingfield Flags and the Penistone Flags.  A total of 710 
barrels of oil equivalent per day were recovered from all zones.  In September 
2016, a Competent Person's Report provided independent estimates of Reserves 
and Contingent and Prospective oil and gas Resources for the Wressle discovery 
of 2.15 million stock tank barrels classified as discovered (2P+2C). 
 
Europa's CEO, Hugh Mackay, said: "With the extension to the existing planning 
consent granted, we now look forward to the public inquiry during which a 
Planning Inspector will consider the partners' appeal against the Council's 
refusal of the revised development plan for Wressle.  Recommended for approval 
by the Council's Planning Officer and supported by an expert third party review 
undertaken on behalf of the Council, we are confident the new proposals for 
Wressle comprehensively address the reasons highlighted by the Planning 
Inspector in the original appeals in January 2018. 
 
"Having been discovered in 2014, successfully tested in 2015, and independently 
estimated in a Competent Person's Report to hold reserves and contingent and 
prospective resources of over 2 million stock tank barrels, we are keen for the 
Wressle Field to be brought into production at an initial gross rate of 500bopd 
or 150bopd net to Europa. At this rate, Europa's net production would more than 
double to over 200bopd, generating material cash flows for the Company which, 
in turn, can be reinvested into advancing our portfolio of high impact licences 
offshore Ireland and late stage appraisal projects onshore UK." 
 
The information communicated in this announcement contains inside information 
for the purposes of Article 7 of the Market Abuse Regulation (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 
 
Camille Gochez    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 2018 Europa produced 94 boepd. Its 
highly prospective exploration projects include the Wressle development in the 
UK (targeting production start-up in 2019 at 500 bopd gross) and six licences 
offshore Ireland with the potential to host gross mean un-risked prospective 
resources of 6.4 billion barrels oil equivalent and 2.5 tcf undiscovered GIIP 
across all six licences. 
 
 
 
END 
 

(END) Dow Jones Newswires

January 25, 2019 02:00 ET (07:00 GMT)