Europa Oil & Gas (Holdings) PLC Wressle production exceeds expectations (3500M)
21 Septembre 2021 - 7:59AM
UK Regulatory
TIDMEOG
RNS Number : 3500M
Europa Oil & Gas (Holdings) PLC
21 September 2021
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
Europa Oil & Gas (Holdings) plc ('Europa' or 'the
Company')
Wressle production exceeds expectations
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 Wressle oil field
development ('Wressle') which is located on licences PEDL 180 and
PEDL 182 ('the Licences') in North Lincolnshire. Europa holds a 30%
working interest in the Licences, alongside Egdon Resources U.K.
Limited (30% and operator), and Union Jack Oil (40%).
Following the successful completion of the coiled tubing
operations on 19 August 2021, the Wressle-1 well has exceeded
production expectations. The well has achieved instantaneous flow
rates in excess of 884 barrels of oil per day ("bopd") and in
addition, 480,000 cubic feet of gas (c80 barrels of oil equivalent)
per day from the Ashover Grit on a significantly restricted choke
setting (30.5/64ths) and with high wellhead flowing pressure. No
formation water has been seen as the well continues to clean
up.
Even with the excellent flow rates that are being realised, the
full flow potential of the well is still yet to be fully tested due
to constraints with the gas handling equipment.
The forward plan is to remove these constraints to increase
production rates further and complete the testing of the well's
full potential before defining a plateau production rate which
matches the well behaviour to the installed permanent facilities,
long term operational objectives and prudent reservoir
management.
The operator has advised that the revision to the Environmental
Permit has been received, enabling the installation of a combustion
plant to facilitate gas to electric generation.
Simon Oddie, CEO of Europa said : "We are delighted to report
this instantaneous rate of over 950 barrels of oil equivalent per
day ("boepd") at the Wressle-1 well, a substantial increase to our
previous expectations. Combined with high current oil prices in
excess of $70 per barrel, Wressle is providing Europa with a major
revenue stream. In the UK onshore Wressle is now second only to
Wytch Farm, Dorset in terms of daily production".
Further information on Wressle
The Wressle-1 well was drilled in 2014 and tested in 2015.
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. In September 2016, a
Competent Person's Report ('CPR') provided independent estimates of
reserves and contingent and prospective oil and gas resources for
Wressle of 2.15 million stock tank barrels classified as discovered
(2P+2C). Further development of Wressle, including producing
additional reserves existing in the Penistone Flags formation, is
expected in the future.
Qualified Person Review
This release has been reviewed by Alastair Stuart, engineering
advisor to Europa, who is a petroleum engineer with over 35 years'
experience and a member of the Society of Petroleum Engineers and
has consented to the inclusion of the technical information in this
release in the form and context in which it appears.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the company's obligations under Article 17 of MAR.
* * ENDS * *
For further information please visit www.europaoil.com or
contact:
Simon Oddie Europa mail@europaoil.com
Christopher Raggett / Simon
Hicks finnCap Ltd +44 (0) 20 7220 0500
James Pope / Andy Thacker Turner Pope +44 (0) 20 3657 0050
Susie Geliher / Oonagh
Reidy St Brides Partners +44 (0) 20 7236 1177
Notes to Editors:
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 the year to 31(st)
July 2020 Europa produced 92 boepd. Production has increased to
over 200 boepd with the Wressle field production.
The Company holds four exploration licences offshore Ireland
which have the potential to host gross mean un-risked prospective
resources of 2.7* trillion cubic feet ('tcf') gas (*subject to
regulatory approval for the transfer of FEL 3/19). 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. 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 in excess of one billion barrels of
unrisked oil resources.
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