Europa Oil & Gas (Holdings) PLC Wressle Development Update (1510L)
11 Janvier 2021 - 8:00AM
UK Regulatory
TIDMEOG
RNS Number : 1510L
Europa Oil & Gas (Holdings) PLC
11 January 2021
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
Europa Oil & Gas (Holdings) plc ('Europa' or 'the
Company')
Wressle Development Update
Europa Oil & Gas (Holdings) plc, the UK , Ireland and
Morocco focused oil and gas exploration, development and production
company, is pleased to provide an update on the development of the
Wressle Oil Field ('Wressle' or the 'Project' ) in North
Lincolnshire which remains on course for first oil by the end of
January 2021 . Wressle lies on licences PEDL180 & 182 (the
Licences') in which Europa holds a 30% working interest alongside
Egdon Resources (30% and operator ), and Union Jack Oil ( 40
%).
Further to the Company's announcement of 26 November 2020, the
workover rig and associated services and equipment were
successfully mobilised to site during the week commencing 4 January
2021 . O perations to recomplete and reperforate the well have
commenced and are expected to be completed to enable the Ashover
Grit reservoir to be flowed prior to the end of January 2021 as
previously advised.
Wressle is expected to commence production from the Ashover Grit
reservoir at a constrained gross rate of 500 barrels of oil per day
( ' bopd ' ) . At this rate, Europa's existing UK onshore
production would more than double to over 200bopd. W ith an
estimated breakeven oil price of US$17.6 per barrel , production at
Wressle is expected to be very profitable at current oil prices of
over US$50 per barrel.
Simon Oddie, CEO of Europa, said : "With oil prices trading
above US$50 per barrel, far above the US$17.6 per barrel required
for the field to break even, we are keen to bring Wressle into
production at the earliest opportunity, so the commencement of
operations at the site is most welcome. I look forward to providing
further updates on progress made at the field as we target first
oil by the end of the month."
Further information on Wressle
During testing at Wressle , 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. In
September 2016, a Competent Person's Report ('CPR') 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). Further
development of the Wressle field, including producing additional
reserves existing in the Penistone Flags formation, is expected in
the future.
Qualified Person Review
This release has been reviewed by Rowland Thomas, geophysical
advisor to Europa, who is a geophysicist with over 39 years'
experience in petroleum exploration and a member of the Society of
Exploration Geophysicists, European Association of Geoscientists
and Engineers and the Petroleum Exploration Society of Great
Britain, and has consented to the inclusion of the technical
information in this release in the form and context in which it
appears.
* * ENDS * *
For further information please visit www.europaoil.com or
contact:
Simon Oddie Europa mail@europaoil.com
Murray Johnson Europa
Christopher + 44 (0) 20 7220
Raggett finnCap Ltd 0500
+ 44 (0) 20 7220
Simon Hicks finnCap Ltd 0500
+ 44 (0) 20 7236
Frank Buhagiar St Brides Partners Ltd 1177
+ 44 (0) 20 7236
Megan Dennison St Brides Partners Ltd 1177
Notes
Europa Oil & Gas (Holdings) plc has a diversified portfolio
of multi-stage hydrocarbon assets which includes production,
development and exploration interests, in countries that are
politically stable, have transparent licensing processes, and offer
attractive terms. In terms of production, in 2020 Europa produced
89 boepd. Production is set to increase to over 200 boepd in
January 2021 once the Wressle field in the UK, which is currently
under development, comes on stream at a gross rate of 500 bopd.
The Company holds four exploration licences offshore Ireland
which have the potential to host gross mean un-risked prospective
resources of 3.9 billion barrels oil equivalent and 2.7* trillion
cubic feet ('tcf') gas. The Company's flagship projects offshore
Ireland are Inishkea and Edge*, two near field gas prospects in the
Slyne Basin which the Company classifies as lower risk
infrastructure-led exploration due to their close proximity to the
producing Corrib gas field and associated gas processing
infrastructure (*subject to regulatory approval for the transfer of
FEL 3/19). In September 2019, Europa was awarded a 75% interest in
the Inezgane permit offshore Morocco. Initial results of technical
work have identified 30 prospects and leads that have the potential
to hold close to 10 billion barrels of unrisked oil resources.
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