Europa Oil & Gas (Holdings) plc /
Index: AIM / Epic: EOG / Sector: Oil & Gas
5 February 2019
Europa Oil &
Gas (Holdings) plc (‘Europa’ or ‘the Company’)
Wressle Planning
Appeal
Europa Oil & Gas (Holdings) plc, the UK and Ireland focused oil and gas exploration,
development and production company, notes today’s update from Egdon
Resources (‘Egdon’) that it has submitted to the Planning
Inspectorate an appeal against the refusal of planning consent for
the development of the Wressle oil field by North Lincolnshire
Council’s (the “Council”) Planning Committee on 28 November 2018. The appeal will now be
validated by the Planning Inspectorate and a bespoke timetable
advised for the appeal process which will lead to a planning
inquiry in due course.
The Wressle oil field was discovered by the Wressle-1 well in
2014. During testing in 2015, Wressle-1 flowed oil and gas
from three separate reservoirs, the Ashover Grit, the Wingfield
Flags and the Penistone Flags. A total of 710 barrels of oil
equivalent per day were recovered from all zones. In
September 2016, a Competent Person’s
Report provided independent estimates of Reserves and Contingent
and Prospective oil and gas Resources for the Wressle discovery of
2.15 million stock tank barrels classified as discovered
(2P+2C).
Europa has a 30% working interest in licence PEDL 180 in the
East Midlands which holds the Wressle oil discovery, alongside
Egdon (operator, 30%), Union Jack Oil (27.5%), and Humber Oil &
Gas Limited (12.5%) (together ‘the Partners’).
Europa's CEO, Hugh Mackay,
said: “The Partners are confident the new proposals for the
development of Wressle comprehensively address the reasons
highlighted by the Planning Inspector in the original appeal in
January 2018, particularly as these
have been recommended for approval by the Council’s Planning
Officer and supported by an expert third party review undertaken on
behalf of the Council. Further details regarding the public
inquiry, during which a Planning Inspector will consider the
Partners’ appeal, will be provided in due course, as we support the
operator’s efforts to bring the Wressle discovery online at an
initial gross rate of 500bopd and in the process more than double
Europa’s existing production to over 200bopd.”
The information communicated in this
announcement contains inside information for the purposes of
Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
* * 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 |
Camille Gochez |
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 2018 Europa produced 94 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 6.4 billion barrels oil equivalent and 2.5 tcf
undiscovered GIIP across all six licences.