Europa Oil & Gas (Holdings) PLC Serenity SA02 Well Result (2596C)
10 Octubre 2022 - 1:00AM
UK Regulatory
TIDMEOG
RNS Number : 2596C
Europa Oil & Gas (Holdings) PLC
10 October 2022
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
10 October 2022
Europa Oil & Gas (Holdings) plc
("Europa" or the "Company")
Serenity SA02 Well Result
Europa Oil & Gas (Holdings) plc, the AIM traded UK, Ireland
and Morocco focused oil and gas exploration, development, and
production company, announces that the SA02 well currently being
drilled on Production Licence P.2358, Block 13/23c ("Serenity") has
been drilled to a total depth of 5,630ft TVDSS. The targeted Lower
Cretaceous Captain sand, which contained hydrocarbons in the
13/23c-10 well, was not present at this location. Over 100 ft of
other Captain sands in various sequences were encountered but these
were found to be water wet and as such a decision has been made not
to run wireline logs. The well will now be plugged and abandoned
and the rig will then be released from contract. The well was
drilled without any HSE incidents and significantly below budget.
The gross well cost is forecast to be GBP10.4m resulting in an
estimated total cost to Europa of GBP4.8m.
Data from this well will be incorporated into the field
reservoir modelling to optimise the development plan for the
discovered reserves in the eastern area of the Serenity field that
were proven by the discovery well.
Simon Oddie, CEO of Europa, said :
"Although this is a disappointing result the data gathered
during the drilling of SA02 has improved our understanding of the
Serenity field and we continue to interpret the well data which
will help us establish a suitable development plan to maximise the
value of the already discovered resources within the eastern area
of the Serenity field. The SA02 well was drilled safely and below
budget and has demonstrated how well the i3 Energy ("i3E") and
Europa teams work together. We look forward to continuing to build
on this strong relationship with i3E as we work on assessing the
monetisation routes for the discovered resources at Serenity.
Europa is in a financially strong position with ongoing
production generating material monthly net income. We will continue
to execute on our stated strategy of pursuing new assets to build a
balanced portfolio, focussing on opportunities that need further
appraisal to unlock the asset value.
At Wressle we are working with our partners on the continuing
development of the Wressle field and the greater area, which
includes further drilling, and I look forward to sharing the
details in due course."
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, as amended.
* * ENDS * *
For further information, please visit www.europaoil.com or
contact:
Simon Oddie Europa Oil & Gas (Holdings) mail@europaoil.com
plc
William Holland Europa Oil & Gas (Holdings) mail@europaoil.com
plc
Murray Johnson Europa Oil & Gas (Holdings) mail@europaoil.com
plc
Strand Hanson Limited - Nominated +44 (0) 20 7409
James Dance & Financial Adviser 3494
Strand Hanson Limited - Nominated +44 (0) 20 7409
James Spinney & Financial Adviser 3494
+44 (0) 20 7186
Peter Krens Tennyson Securities 9033
+ 44 (0) 20 7390
Patrick d'Ancona Vigo Consulting 0230
+ 44 (0) 20 7390
Finlay Thomson Vigo Consulting 0230
+ 44 (0) 20 7390
Kendall Hill Vigo Consulting 0230
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 half-year to 31 January 2022
was 208 boepd. In April 2022, Europa farmed into P.2358, Block
13/23c ("Serenity") in the Outer Moray Firth area of the North Sea.
The licence contains the 2019 Serenity oil discovery, in which
Europa now has a 25% interest. The Company holds one exploration
licence offshore Ireland, which has the potential to host gross
mean un-risked prospective resources of 1.5 trillion cubic feet
("tcf") gas. Inishkea is a near field gas prospect in the Slyne
Basin which the Company classifies as lower risk due to its 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. In December 2021, Europa announced a
collaboration between Baker Hughes and CausewayGT to conduct a
geothermal clean heat project at the Company's West Firsby field.
If this project is successful, it will prove the operational
ability to extract and use geothermal heat from the site.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDUKAARUBURRUA
(END) Dow Jones Newswires
October 10, 2022 02:00 ET (06:00 GMT)
Europa Oil & Gas (holdin... (LSE:EOG)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Europa Oil & Gas (holdin... (LSE:EOG)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
