TIDMEOG
RNS Number : 1967T
Europa Oil & Gas (Holdings) PLC
16 March 2023
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
16 March 2023
Europa Oil & Gas (Holdings) plc
("Europa" or the "Company")
Wressle Update - Community Liaison Group Meeting
Europa Oil & Gas (Holdings) plc, the AIM quoted UK and
Ireland focused oil and gas exploration, development and production
company, notes the Wressle operational update published today by
Egdon Resources plc ("Egdon"), the operator of the Wressle licence,
following the Community Liaison Group ("CLG") meeting held during
the evening of 15 March 2023.
At the meeting Egdon shared the following information with
members of the CLG.
Operations
-- The Wressle-1 well has continued to flow oil and associated
gas at production rates above forecast expectations made ahead of
the successful Proppant Squeeze operation, conducted in August
2021
-- Total production from Wressle has now exceeded 390,000 barrels of oil
-- No water has been produced to date
-- Three microturbines were connected during January and February and are now fully operational
-- An extended period of fine tuning and testing of the
microturbines to determine the impact on production is currently
ongoing
-- The Environment Agency continues to monitor Egdon's
production operation through regular visits to the Wressle site,
the most recent being on 22 February 2023, with no issues
identified by the Regulator
-- There have been no accidents or spillages since the start of
production on the Wressle site in January 2021
-- Groundwater and surface water monitoring has continued and
latest results up to end December 2022 have been published on the
newly revamped community website
www.egdon-community.com/active-sites
Forward Plan
-- During the second half of 2022 Egdon reprocessed the 3D seismic data over the field
-- The new data has been interpreted and mapped with the
objective of identifying reservoir targets for drilling an
additional well or wells at the earliest opportunity, subject to
receipt of regulatory approval
-- The next new well or wells will likely be drilled from the existing Wressle wellsite
-- A new Competent Person's Report has been commissioned
incorporating the new field interpretation and production
performance data. This will consider all oil and gas bearing
formations at Wressle
Community Fund
-- The Wressle Community Fund has been operating since early 2022
-- In August 2022, the operation of the fund was transferred to
Broughton Community and Sports Association (BCSA) which runs the
fund to meet the needs of local charities and community groups
-- Groups which are outside the remit of the BCSA can still
apply directly to Egdon for funding from a smaller pot which is
retained to meet these needs
-- The Wressle partners are making GBP100,000 a year available
to local groups though these two funding pots
-- The first of three windows per year for the Wressle Community
Grant closed on 31 December 2022 with 12 applications received
amounting to GBP42,029.60
-- The Wressle partners provided additional funding of c.
GBP5,500 to allow all eligible applications to be granted
Will Holland, CEO of Europa, commented:
"The Wressle oilfield continues to outperform expectations and
Europa remains committed to advancing the development of the field
alongside partners Egdon and Union Jack Oil. Wressle represents a
significant opportunity to generate further value for our
shareholders, and we remain focused on ensuring the field reaches
its full potential."
* * ENDS * *
For further information, please visit www.europaoil.com or
contact:
William Holland / Murray Europa Oil & Gas (Holdings) mail@europaoil.com
Johnson plc
Strand Hanson Limited
- Nominated & Financial +44 (0) 20 7409
James Dance / James Spinney Adviser 3494
+44 (0) 20 7186
Peter Krens Tennyson Securities 9033
Patrick d'Ancona / Finlay + 44 (0) 20 7390
Thomson / 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 for the year ending 31 July 2022 was
245 bopd. 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.
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