The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014.
Europa Oil & Gas (Holdings) plc /
Index: AIM / Epic: EOG / Sector: Oil & Gas
19 June 2017
Europa Oil &
Gas (Holdings) plc (‘Europa’ or ‘the Company’)
Update on three
Offshore Ireland licences
Europa Oil & Gas (Holdings) plc, the AIM traded, UK and
Ireland focused, oil and gas
exploration, development and production company, is pleased to
announce Irish Government consent has been received for the
extension of Phase 1 of Frontier Exploration Licences (‘FEL’) 2/13
and 3/13 by two years to 4 July 2019.
This follows Europa’s agreement to certain provisions attached to
the extensions. The Irish Government has also approved an
application to convert Licensing Option (‘LO’) 16/2 to a Frontier
Exploration Licence (‘FEL 1/17’). Execution of the relevant
documentation is currently underway. Europa has a 100%
interest in all three licences which are located in the South
Porcupine basin, offshore Ireland.
Click on the link to view a map http:
//www.europaoil.com/OperationsIreland.aspx
The work programmes on all three licences will include Pre-Stack
Depth Migration (‘PSDM’) of 3D seismic data which was previously
acquired in 2013. The objective of this work is to mature existing
prospects and leads, particularly in the pre-rift and syn-rift
plays, to drill ready status. The work may also de-risk existing
drill-ready prospects in the Cretaceous fan play. PSDM
reprocessing over FEL 3/13 and LO 16/2 (to become FEL 1/17) has
commenced,and a similar programme of work over FEL 2/13 is in
preparation, all funded by our recent Placing and Open Offer.
Gross mean un-risked Prospective Resources associated with these
licences are tabulated below:
Licence |
No. of prospects &
leads |
Gross mean un-risked prospective
resources mmboe |
Comment |
FEL 3/13 |
3 |
1,492 |
CPR ERC Equipoise |
LO 16/2 |
3 |
898 |
ERC CPR & in-house |
FEL 2/13 |
9 |
1,124 |
Europa in-house |
Europa CEO Hugh Mackay said,
“Following government approval we will immediately start the work
programmes on these licences in the South Porcupine basin. PSDM
reprocessing work is already underway to mature prospects and leads
particularly in the syn-rift and pre-rift play, as we look to
deliver on our target to upgrade at least six of our existing
inventory of 32 offshore Ireland
prospects to drill-ready status. This work may also further
de-risk our existing drill-ready prospects in the Cretaceous fan
play.
“As a consequence of our recent oversubscribed placing for £2.1
million with new and existing institutions and our very well
subscribed open offer raising a further £1.3 million, we are fully
funded to undertake all our work programmes in Atlantic Ireland
immediately and concurrently. Together with the anticipated start
up of exploration drilling elsewhere in the South Porcupine these
are exciting times for Atlantic Ireland and for Europa in
particular. We look forward to providing our investors
further updates as the story evolves.”
* * 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.