Europa Oil & Gas (Holdings) Plc Assignment of interest in UK onshore Licence
14 Mars 2017 - 8:00AM
UK Regulatory
TIDMEOG
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas
14 March 2017
Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company')
Assignment of interest in UK onshore Licence
Europa Oil & Gas (Holdings) plc, the AIM traded UK and Ireland focused oil and
gas exploration, development and production company, announces that following
the acquisition of Shale Petroleum (UK) Limited ('SPL') for a nominal
consideration of GBP1 (see announcement of 15 August 2016 for further details),
it has re-assigned a 10% interest in UK onshore licence PEDL 343 ('the
Licence') to Arenite Petroleum Limited.
The acquisition of SPL resulted in Europa's interest in PEDL343 increasing from
22.5% to 45%. Following the re-assignment, which is in accordance with an
existing commercial arrangement, Europa's interest in the Licence is 35%
alongside Arenite Petroleum Limited (15%), Third Energy UK Gas Limited (20%),
Egdon Resources UK Limited (17.5%) and Petrichor Energy UK Gas Limited (12.5%).
PEDL343 is operated by Third Energy and contains the Cloughton gas discovery
made by Bow Valley. An exploration well in 1986 flowed a small amount of gas to
surface on production test from Carboniferous sandstone reservoirs. Europa
regards Cloughton as a gas appraisal opportunity.
* * 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
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. Its highly prospective exploration
projects include the Wressle oil development in the UK and seven licences
offshore Ireland with the potential to host gross mean un-risked prospective
and indicative resources of more than 4 billion barrels oil equivalent and 1.5
TCF gas across all seven licences. In 2016 Europa produced 123 boepd from its
portfolio of onshore UK 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
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