Europa Oil & Gas (Holdings) Plc Update on Holmwood Prospect, Surrey

 
TIDMEOG 
 
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 
 
4 September 2018 
 
          Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company') 
 
                      Update on Holmwood Prospect, Surrey 
 
Europa Oil & Gas (Holdings) plc, the UK and Ireland focused oil and gas 
exploration, development and production company, announces that it has been 
notified by the Head of Estates at the Forestry Commission that the Minister 
for the Environment, Food and Rural Affairs, has decided not to renew the lease 
at Bury Hill Wood, Coldharbour Lane, Surrey.  Bury Hill Wood is the proposed 
site for a temporary exploration well to test the conventional Holmwood 
prospect on licence PEDL 143 in the Weald Basin, Surrey. The lease expires on 
12 September 2018. 
 
Following the Minister's decision, the Company, on behalf of its partners, will 
be withdrawing its planning application to drill the Holmwood prospect from the 
Bury Hill Wood site. 
 
PEDL 143 has recently been extended until 30 September 2020, and in addition to 
the established Portland sandstone reservoir, contains the Kimmeridge Limestone 
which, following success at the nearby Horse Hill discovery, is an emerging 
play in the Weald Basin.  The Company, with its partners, intends to undertake 
a full evaluation of alternative sites from which to target the Holmwood 
prospect, and other plays in the licence.  Europa Oil & Gas Limited is operator 
of PEDL 143 with a 20% interest. 
 
Europa's CEO, Hugh Mackay, comments: "The Minister's decision not to renew the 
lease at Bury Hill Wood is disappointing, however, we intend to continue to 
work closely with our partners to determine how best to take the licence 
forward.  As well as PEDL143, Europa holds a multistage portfolio of licences 
which includes production and appraisal projects onshore UK and an industry 
leading licence position in the Irish Atlantic Margin.  Various work streams 
are underway across our asset base to advance all our licences and in the 
process expose our shareholders to high impact drilling activity. With this in 
mind, I look forward to providing further updates on our progress." 
 
The information contained within this announcement is deemed by the Company to 
constitute inside information as stipulated under the Market Abuse Regulations 
(EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via 
Regulatory Information Service ("RIS"), this inside information is now 
considered to be in the public domain. 
 
                                 * * 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. In 2017 Europa produced 113 boepd. Its 
highly prospective exploration projects include the Wressle development in the 
UK (targeting production start-up in 2019 at 500 bopd gross) and six licences 
offshore Ireland with the potential to host gross mean un-risked prospective 
resources of 6.2 billion barrels oil equivalent and 2.5 tcf undiscovered GIIP 
across all six 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

(END) Dow Jones Newswires

September 04, 2018 02:00 ET (06:00 GMT)

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