Europa Oil & Gas (Holdings) Plc Transfer of Operatorship of PEDL143 Licence

 
TIDMEOG 
 
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 
 
14 March 2019 
 
          Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company') 
 
           Transfer of Operatorship of PEDL 143 Licence, UK Onshore 
 
Europa Oil & Gas (Holdings) plc, the UK and Ireland focused oil and gas 
exploration, development and production company, is pleased to announce that it 
is in the process of transferring its operatorship of UK onshore licence PEDL 
143 ('the Licence') to UK Oil & Gas plc ('UKOG').  Europa will continue to hold 
a 20% interest in the Licence, which is located in the Weald Basin, Surrey, 
alongside UKOG (40%), Egdon Resources plc (18.4%), Angus Energy plc (12.5%), 
Union Jack Oil plc (7.5%) and Altwood Petroleum (1.6%). 
 
The decision to transfer operatorship of PEDL 143 is based on Europa's focus on 
its high impact portfolio of exploration licences in Atlantic Ireland, its 
existing producing assets onshore UK, and the Company's pursuit of new ventures 
in its chosen areas of focus, specifically the Atlantic seaboard, North Africa 
and NW Europe. 
 
With its operational activities centred on the Weald Basin, the Company 
believes UKOG's direct experience with, and technical knowledge of, the 
Portland and Kimmeridge plays at the nearby Horse Hill discovery, will help 
inform a forward plan for the Licence. 
 
The transfer of PEDL143 operatorship to UKOG is subject to Oil and Gas 
Authority consent. 
 
Further Information 
 
PEDL143 is located in the Weald Basin, Surrey and contains the conventional 
Holmwood prospect which has estimated gross mean prospective resources of 5.6 
million boe. 
 
In September 2015, planning permission was granted to drill a temporary 
exploratory borehole from the Bury Hill Wood site to a depth of 1,400m.  In 
July 2018, the Environment Agency granted a permit to allow the drilling and 
testing of a single well for the purposes of oil and gas exploration, while the 
initial term of PEDL143 was extended by the Oil and Gas Authority to 30 
September 2020. 
 
In September 2018, the Secretary of State for the Environment, Food and Rural 
Affairs, refused an application to extend the site lease. Acting on behalf of 
the partnership, Europa withdrew its application to extend planning permission 
to drill the Holmwood exploration well from the Bury Hill Wood site, which has 
since been re-instated.  The joint venture group continues to investigate 
opportunities to drill elsewhere within the licence to test the significant 
Portland and Kimmeridge prospect underlying the centre of the block, which is a 
look-a-like structure to the nearby Horse Hill field. 
 
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 1.5 tcf gas across all six 
licences. 
 
 
 
END 
 

(END) Dow Jones Newswires

March 14, 2019 03:00 ET (07:00 GMT)