Europa Oil & Gas (Holdings) Plc Update on three Offshore Ireland licences
19 Juin 2017 - 8:00AM
UK Regulatory
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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 Gross mean un-risked Comment
prospects prospective
& leads resources mmboe
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 GBP2.1 million with
new and existing institutions and our very well subscribed open offer raising a
further GBP1.3 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.
END
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