Europa Oil & Gas (Holdings) PLC Wressle Operational Update
16 Diciembre 2021 - 01:00AM
UK Regulatory (RNS & others)
TIDMEOG
RNS Number : 8006V
Europa Oil & Gas (Holdings) PLC
16 December 2021
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
16 December 2021
Europa Oil & Gas (Holdings) plc ('Europa' or 'the
Company')
Wressle Operational Update
Europa Oil & Gas (Holdings) plc, the UK, Ireland and Morocco
focused oil and gas exploration, development and production
company, notes that the Operator, Egdon Resources U.K. Limited
("Egdon"), has today updated the market on progress at Wressle.
Europa holds a 30% working interest alongside Egdon Resources (30%)
and Union Jack Oil (40%).
Europa is pleased to publish the highlights of this operational
review:
-- The Wressle-1 well has continued to exceed our expectations
since the successful completion of the proppant squeeze and
subsequent coiled tubing operations on the 19 August 2021.
-- Works have been completed to upgrade the gas incineration system.
-- Despite being flowed under a highly restricted choke (20/64
inch), whilst upgrade works are ongoing, Wressle produced at an
average rate of 666 barrels of oil per day ("bopd") (c. 200 bopd
net to Europa) plus 368,000 cubic feet of gas over the last 7-day
period (727 barrels of oil equivalent per day ("boepd", c.218 boepd
net to Europa).
-- No formation water has been produced to date.
-- A secondary separator system has been designed and
manufactured and is expected to be installed before year end to
optimise gas/oil separation.
-- Early 2022 will see completion of testing of the full potential of the well.
-- Decisions will be made early in 2022 on the plateau
production rate, to match with the longer-term operational
objectives and prudent reservoir management of this important asset
.
-- Downhole pressure data has been acquired and is currently
being interpreted to further inform these decisions.
-- The focus in 2022 will move to progressing the optimal method
of gas monetisation and finalising plans for the development of
other hydrocarbon bearing sequences to access the identified
contingent resources, with particular focus on the Penistone Flags
reservoir.
Simon Oddie, CEO of Europa, said:
"I am delighted to report the continuing excellent performance
of Wressle and look forward to the completion of testing of the
full potential of this well and further announcements on the plans
ahead."
Background
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). It has exceeded initial expectations of 500 barrels of oil
per day (gross) since the successful completion of the proppant
squeeze and subsequent coiled tubing operations on 19 August 2021.
Further development of Wressle, including producing additional
reserves existing in the Penistone Flags formation, is expected in
the future.
* * ENDS * *
For further information please visit www.europaoil.com or
contact:
Simon Oddie Europa mail@europaoil.com
Murray Johnson Europa mail@europaoil.com
+ 44 (0) 20 7220
Christopher Raggett finnCap Ltd 0500
+ 44 (0) 20 7220
Simon Hicks finnCap Ltd 0500
Turner Pope Investments +44 (0) 20 3657
James Pope (TPI) Ltd 0050
Turner Pope Investments +44 (0) 20 3657
Andrew Thacker (TPI)_ Ltd 0050
+ 44 (0) 20 7236
Susie Geliher St Brides Partners Ltd 1177
+ 44 (0) 20 7236
Oonagh Reidy St Brides Partners Ltd 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. Production, in the year to 31st July 2021 Europa
produced 93 boepd. Production has since 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). Inishkea and Edge, two near field gas
prospects in the Slyne Basin which the Company classifies as lower
risk 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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