Europa Oil & Gas (Holdings) plc /
Index: AIM / Epic: EOG / Sector: Oil & Gas
8 November 2019
Europa Oil &
Gas (Holdings) plc (‘Europa’ or ‘the Company’)
Update on Wressle
Oil Field Development Public Inquiry
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’) regarding the Public Inquiry into the proposed
development of the Wressle oil field in the East Midlands which
concluded yesterday.
As previously announced, North Lincolnshire Council presented no
evidence at the inquiry, which was held in Scunthorpe to consider
Egdon’s appeal against the refusal of planning consent by the
Council’s Planning Committee for the development of the Wressle
Field (‘the Appeal’). As a result, the Wressle Development
Public Inquiry, which commenced on 5
November 2019 and included a site visit, lasted three days
rather than the scheduled six days.
Due to the Planning Inspectorate purdah arising from the UK
general election, Egdon expects a verdict on the Appeal post the
election date of 12 December 2019,
potentially before the end of the year. In addition to the
Appeal, an application for costs has been submitted by Egdon on
behalf of all the partners in Wressle. Europa has a 30%
working interest in licence PEDL 180 (‘the Licence’) 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’).
The Wressle oil field was discovered in 2014 by the Wressle-1
well. During testing, a total of 710 barrels of oil
equivalent per day were recovered from three separate reservoirs,
the Ashover Grit, the Wingfield Flags and the Penistone
Flags. Under the proposed development plan, Wressle would
commence production at an initial gross rate of 500bopd, which
would more than double Europa’s existing UK onshore production to
over 200bopd. 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).
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 |
Christopher Raggett |
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 |
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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 2019 Europa produced 91 boepd. Its highly
prospective exploration projects include the Wressle development in
the UK (targeting production start-up in 2020 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 1.5 tcf gas
across all six licences. The Company’s flagship project offshore
Ireland is the Inishkea prospect –
a near field gas exploration project with 1.5 trillion cubic feet
(‘TCF’) gross mean un-risked prospective gas resources.