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Share Name Share Symbol Market Type Share ISIN Share Description
Europa Oil & Gas (holdings) Plc LSE:EOG London Ordinary Share GB00B03CJS30 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 1.15 1.10 1.20 1.15 1.15 1.15 272,299 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 1.7 -0.7 0.0 - 5

Europa Oil & Gas (Holdings) Plc Wressle Development Update

13/05/2020 4:14pm

UK Regulatory (RNS & others)


 
TIDMEOG 
 
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 
 
13 May 2020 
 
          Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company') 
 
                          Wressle Development Update 
 
Europa Oil & Gas (Holdings) plc, the UK, Ireland and Morocco focused oil and 
gas exploration, development and production company, notes today's update from 
Egdon Resources ('Egdon') regarding the Wressle Oil Field development 
('Wressle' or the 'Project'). This includes the receipt of c. GBP403,000 from 
North Lincolnshire Council ('NLC') in settlement of gross costs incurred by the 
partners in relation to the appeal process. The Planning Inspector allowed 
Egdon's application for costs against NLC when planning consent for Wressle was 
granted on appeal on 17 January 2020.  The gross sum will be divided between 
the partners in Wressle proportionate with their interests.  As a result, 
Europa, which holds a 30% interest in Wressle, is due to receive GBP120,900. 
 
As previously advised the Wressle development plan comprises the following key 
stages: 
 
 1. Discharging the planning conditions, finalising detailed designs, tendering 
    and procurement of materials, equipment and services and finalising all HSE 
    documentation and procedures 
 2. Installation of groundwater monitoring boreholes and establishing baseline 
    groundwater quality through monitoring and analysis 
 3. Reconfiguration of the site 
 4. Installation and commissioning of surface facilities 
 5. Sub-surface operations 
 6. Commencement of production 
 
Following NLC approval of the installation plan and discharge of the associated 
planning condition, the installation of four groundwater monitoring boreholes 
on the Wressle site has now been completed. These boreholes will be subject to 
monitoring and analysis throughout the life of the site, with an initial three 
months of sampling to determine baseline groundwater quality. On current plans 
first oil at Wressle is envisaged later in 2020. 
 
Wressle was discovered by the Wressle-1 well in 2014.  During testing, a total 
of 710 barrels of oil equivalent per day were recovered from three separate 
reservoirs, the Ashover Grit, the Wingfield Flags and the Penistone Flags.  The 
economic model for Wressle was recently updated to reflect moves in the oil and 
gas markets. The results show the Project has an estimated break-even oil price 
of US$17.62 per barrel, thereby confirming the development of Wressle is 
economically robust in the current environment.  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). 
 
Wressle lies on licences PEDL180 & 182 ('the Licences').  Europa holds a 30% 
working interest in the Licences alongside Egdon (operator, 30%), Union Jack 
Oil (27.5%), and Humber Oil & Gas Limited (12.5%). 
 
Simon Oddie, Chairman of Europa, said: "We are encouraged by the progress being 
made at Wressle, particularly during this challenging period, and that the 
field remains on track to commence production in H2 2020. Under the development 
plan, Wressle is expected to come online at an initial gross rate of 500bopd, 
which would more than double Europa's existing UK onshore production to over 
200bopd.  Requiring a US$17.62 oil price to break-even, these extra 150 bopd 
are profitable at today's oil prices and would therefore lead to a step change 
not just in Europa's UK onshore production but also in the Company's financial 
profile.  With this in mind, I look forward to providing further updates on 
progress made." 
 
                                 * * ENDS * * 
 
For further information please visit www.europaoil.com or contact: 
 
Simon Oddie       Europa                        + 44 (0) 20 7224 
                                                3770 
 
Phil Greenhalgh   Europa                        + 44 (0) 20 7224 
                                                3770 
 
Christopher       finnCap Ltd                   + 44 (0) 20 7220 
Raggett                                         0500 
 
Simon Hicks       finnCap Ltd                   + 44 (0) 20 7220 
                                                0500 
 
Frank Buhagiar    St Brides Partners Ltd        + 44 (0) 20 7236 
                                                1177 
 
Megan Dennison    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 2019 Europa produced 91 boepd. Its 
highly prospective exploration projects include the Wressle development in the 
UK (targeting production start-up in 2020 at 500 bopd gross) and three licences 
offshore Ireland with the potential to host gross mean un-risked prospective 
resources of 3.9 billion barrels oil equivalent and 1.5 trillion cubic feet 
('tcf') gas. The Company's flagship project offshore Ireland is the Inishkea 
prospect - a near field gas exploration project with 1.5 tcf gross mean 
un-risked prospective gas resources. 
 
 
 
END 
 

(END) Dow Jones Newswires

May 13, 2020 11:14 ET (15:14 GMT)

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