Europa Oil & Gas (Holdings) PLC Positive Extended Well Test Results on Wressle Discovery
21 Juillet 2015 - 7:58AM
UK Regulatory
TIDMEOG
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas
21 July 2015
Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company')
Positive Results of Extended Well Test on Wressle Discovery, Onshore UK
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
today's update from Egdon Resources ('Egdon') on the on-going Extended Well
Test ('EWT') at the Wressle-1 oil and gas well ('Wressle' or 'the Well') on
Licence PEDL180 in East Lincolnshire. This includes the recovery of over 180
barrels of oil equivalent per day ('boepd') following pumped test operations
over the Penistone Flags oil zone, which exceeds pre-test expectations. The
EWT follows the successful testing earlier this year of four intervals at
Wressle, which recovered a total of 710 boepd from all four payzones. Europa
has a 33.3% working interest in PEDL180, alongside Egdon (operator, 25%),
Celtique Energie Petroleum Ltd (33.3%), Union Jack Oil (8.3%).
As part of the EWT, the Penistone Flags Zone 3A interval was pumped for a
period of time and achieved average rates over a three day period of 131
barrels of oil per day ('bopd') and 222,000 cubic feet of gas, equating to 168
boepd. The average producing gas oil ratio ('GOR') was 1,700 cubic feet of gas
per barrel of oil ('scf/stb'). Due to increasing gas rates the pump was then
stopped and the Well allowed to naturally flow to surface on a series of
decreasing choke sizes from 12/64" down to 8/64" (being the smallest
available). Average rates over a two day period on the 8/64" choke were 105
bopd with 465,000 cubic feet of gas per day, equating to 182 boepd with an
average producing GOR of 4,450 scf/stb. During the course of this flow testing
no associated formation water was produced.
The gas production rate has increased to the point where it is approaching the
limits allowed under the environmental permit and as such production from the
interval has now been halted. The Well is now being readied for the next
operation to be conducted, which is an injection test over the Penistone Flags
zone 3A interval to provide further reservoir data.
It was originally planned for the Ashover Grit oil reservoir to be the first
interval to undergo a pumped flow test. Due to problems experienced with the
downhole testing equipment, test operations were switched to focus initially on
the shallower Penistone Flags. Once the injection test of the Penistone Flags
has been completed, attention will return to resolving the mechanical issues
and undertaking pumped oil production testing over the Ashover Grit interval.
Europa's CEO, Hugh Mackay said, "182 boepd from just the first interval to be
pump tested is an excellent result and exceeds pre-test expectations. With an
injection test on the Penistone Flags and pumped testing of the Ashover Grit
interval to follow, we are making good progress towards realising the
commercial potential of the Wressle discovery, which lies on structural trend
with and 5 km from the Europa operated Crosby Warren field. Based on the
results seen to date and our 33.3% interest in the licence, Wressle has the
potential to significantly increase our existing UK reserves, production and
revenues and I look forward to providing further updates on our progress at the
Well."
* * ENDS * *
For further information please visit http://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 St Brides Partners Ltd + 44 (0) 20 7236
Brocklehurst 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 H1/2015 Europa produced 144 boepd
generating sufficient revenues to cover corporate overheads and some
exploration expenditure. Its highly prospective exploration projects include
the Wressle discovery (recently drilled and tested at an aggregate of 710 boepd
from 4 zones) in the UK; 100% owned gas exploration prospect (107 bcf) and
appraisal project (CPR 277 bcf) in onshore France a joint venture with
Vermillion Energy also in onshore France; and a joint venture with leading
independent Kosmos to explore two licences in offshore Ireland with the
potential to host gross mean un-risked Prospective Resources approximately 1.7
billion barrels across both 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
Europa Oil & Gas (holdin... (LSE:EOG)
Graphique Historique de l'Action
De Juil 2024 à Août 2024
Europa Oil & Gas (holdin... (LSE:EOG)
Graphique Historique de l'Action
De Août 2023 à Août 2024