Europa Oil & Gas (Holdings) PLC Second Interval at Wressle Well Flows Oil & Gas


 
TIDMEOG 
 
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 
 
19 February 2015 
 
          Europa Oil & Gas (Holdings) plc (`Europa' or `the Company') 
 
            Second Interval at Wressle-1 Well Free Flows Oil & Gas 
 
Europa Oil & Gas (Holdings) plc, the AIM quoted oil and gas company with a 
combination of producing and exploration assets in Europe, is pleased to note 
the announcement of Egdon Resources (`Egdon') today confirming free flowing oil 
production rates equivalent to up to 182 barrels of oil per day (`bopd'), along 
with 456 thousand cubic feet (`mcf') of gas per day, following testing 
operations on the Wingfield Flags reservoir at the Wressle-1 oil discovery 
(`Wressle') on Licence PEDL 180 in East Lincolnshire (`PEDL 180'). The 
Wingfield Flags is the second of three potentially hydrocarbon bearing zones to 
be tested at Wressle, the first of which, Ashover Grit, tested 80 bopd and 
47mcf of gas per day, as announced on 9 February 2015. Europa has a 33.3% 
working interest in PEDL 180, alongside Egdon (operator, 25%), Celtique Energie 
Petroleum Ltd (33.3%), Union Jack Oil (8.3%). 
 
  * An interval of 3 metres was perforated at a measured depth of between 1,937 
    to 1,940 metres 
 
  * Following an initial `clean-up' oil and gas flow, two flow tests using 
    different choke sizes to attempt to optimise oil flow rates were 
    successfully executed on the Wingfield Flags reservoir - from what proved 
    to be a high Gas Oil Ratio oil during the clean up period 
 
  * 
      + Initial test - free flowing oil production rates equivalent to 116 bopd 
        along with 341 mcf of gas per day were achieved during a 4 hour main 
        flow period using a 16/64" choke 
 
      + Second test - free flowing oil production rates equivalent to 182 bopd 
        along with 456 mcf of gas per day were achieved during a 5 hour main 
        flow period using a wider 32/64" choke 
 
  * No appreciable volumes of water were encountered and the oil is of good 
    quality with a gravity of 39-40o API 
 
  * Down-hole pressure data, recorded during the main flow and subsequent 
    shut-in build-up period, will now be analysed to evaluate the permeability 
    of the reservoir to determine the increased production rates that could be 
    achieved during pumped production 
 
  * Based on the encouraging free-flow test results from the Ashover Grit and 
    Wingfield Flags intervals it is intended that a longer term pumped 
    production test will be undertaken once the on-going test programme has 
    been completed 
 
  * The Wingfield Flags interval will now be isolated with a bridge-plug and 
    test operations will continue on the Penistone Flags, the third potential 
    payzone, where hydrocarbons are indicated from log data and gas 
    chromatograph analysis 
 
Europa's CEO, Hugh Mackay said, "Thanks to free flowing rates of up to 182 bopd 
from test #2 in the Wingfield Flags reservoir and the 80 bopd previously 
achieved from test #1 in the Ashover Grit, Wressle is so far living up to its 
pre-drill billing as a potential oil and gas discovery that could transform our 
existing production and revenue profile. Even though a final potential payzone, 
the Penistone Flags, is still to be tested, plans are now being advanced to 
undertake an extended well test to determine what longer term production rates 
can be achieved using pumping equipment. Any oil and gas recovered during this 
longer term test will be sold to the market and therefore this test will have a 
positive impact on Europa's cash flow. Clearly with a 33.3% interest in 
Wressle, Europa has good exposure to the success case. 
 
"In addition to its interest in the Wressle discovery, Europa has a 50% 
interest in and is operator of the upcoming Kiln Lane well targeting a 2.9 
mmboe conventional oil exploration prospect, some 25km to the east of Wressle 
in PEDL 181. I look forward to providing further updates on Wressle and Kiln 
Lane along with progress made at our onshore France and offshore Ireland 
licences as and when it is appropriate to do so, as we continue with our 
strategy to monetise the underlying value of our multistage portfolio of 
licences." 
 
                                 * * 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 
 
Lottie Brocklehurst 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. The Company produced 165 boepd in the UK 
during the 2013/2014 financial year, generating sufficient revenues to cover 
corporate overheads and some exploration expenditure. Its highly prospective 
exploration projects include the Wressle (recently drilled and undergoing 
testing) and Kiln Lane prospects (due to be drilled Q1 2015) in the UK; 100% 
owned gas exploration prospect (107 bcf) and appraisal project (CPR 277 bcf) on 
the Bearn des Gaves permit and a joint venture with Vermillion Energy in the 
Tarbes Val d'Adour permit onshore France; and a joint venture with leading 
independent Kosmos to explore two licences in offshore Ireland with the 
potential to host gross mean unrisked prospective resources of 1.5 billion 
barrels. 
 
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
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