Europa Oil & Gas (Holdings) PLC AGM Statement (8898U)
08 Diciembre 2021 - 1:00AM
UK Regulatory
TIDMEOG
RNS Number : 8898U
Europa Oil & Gas (Holdings) PLC
08 December 2021
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
Europa Oil & Gas (Holdings) plc ('Europa' or 'the
Company')
Annual General Meeting Statement
Europa Oil & Gas (Holdings) plc, the AIM quoted UK, Ireland
and Morocco focused oil and gas exploration and production company,
is holding its Annual General Meeting ('AGM') later today. At the
meeting, Brian O'Cathain, Chairman of Europa will make the
following statement:
"As we have highlighted in the past, our core focus at Europa is
to deliver a balanced portfolio of both high impact exploration and
existing production assets. With this in mind, the last year has
proven a very busy period for the Company and we are very pleased
with the operational progress that has been made. Most notably, we
have delivered on our expectation of not only producing the first
oil at the Wressle oil field in North Lincolnshire, but also
increasing our overall production significantly.
Following the successful, incident-free proppant squeeze at
Wressle, the Europa team and the PEDL180 joint venture partnership
should be commended on helping to drive Europa's net Wressle
production, post our financial year to 31 July 2021, to 165bopd
(October 2021). This resulted in total production for Europa of
240bopd for the month of October 2021. When set against an
estimated break-even oil price of US$17.6 per barrel for Wressle
and current oil prices of cUS$71 per barrel, the Wressle asset has
delivered meaningful revenues to the Company. With well flow
continuing to "clean up", we are confident that Wressle has still
to reach its full potential.
I also welcome recent comments from the Chairman of the Oil and
Gas Authority, Tim Eggar, indicating that continued production and
exploration of both oil and gas in the North Sea is vital to meet
the UK's energy requirements. He highlighted the advantages of
domestic gas production over imported LNG, emphasising it's 50%
lower carbon impact when compared to imported LNG. Oil and gas
still account for three quarters of the UK's energy consumption and
our activities play a crucial role in ensuring continued security
of supply, while transitioning to a higher penetration of
renewables in the energy mix in years to come.
As part of our ongoing efforts to maximize the value of our
assets, and being firmly of the view that geothermal energy could
play a vital role in the UK's future energy mix, we recently signed
a MOU with industry specialist Causeway Geothermal (NI) Ltd
("Causeway"). We believe that there is scope to convert some of our
onshore legacy oilfields and West Firsby may well be a promising
first geothermal energy test site - due to its existing dataset and
good geothermal gradient in the existing well bores. Causeway will
undertake studies to assess its potential as a test site for
producing sustainable, clean geothermal energy. Geothermal energy
is the largest source of clean energy on earth, and with zero
greenhouse gas emissions, we are optimistic that we can play a role
in this potentially exciting new energy source.
Work in offshore Ireland has continued apace as we continue to
focus on our gas interests in the Irish sea, which are located
close to the currently producing Corrib gas field. We are awaiting
approval from the Irish regulators for our proposed acquisition,
for a nominal sum, of a 100% interest in the Frontier Exploration
Licence ('FEL') 3/19 in the Slyne Basin. This strategic acquisition
will help build our gas portfolio in Ireland, which already
includes our flagship 1.5 tcf Inishkea gas prospect also in the
Slyne Basin. Subject to receiving regulatory approval our intention
will be to farmout this newly enlarged position, which we believe,
could present significant upside value, not least due to its
strategic location beside the Corrib infrastructure.
In Offshore Morocco, our 75% interest in the Inezgane Licence,
located in the Agadir Basin, is a high impact exploration
opportunity in a largely underexplored area of the world. We have
worked diligently to complete technical work on the project, which
has identified a significant volume of unrisked resource potential
- in excess of one billion barrels of oil equivalent. Morocco is a
stable country with strong ESG credentials and is already home to a
number of significant exploration and production operators. With
the de-risking of the project, we were pleased to inform our
shareholders that on 3 August 2021 that we had launched a farmout
process of this asset. We are encouraged by the interest received
to date and believe that this is a very significant project with a
great deal of latent potential.
There is no doubt that the last year has presented challenges in
our efforts to drive the Company forward, but we are pleased by the
resilience shown by all our Europa employees and thank them for
their fortitude. Bringing Wressle on stream has been a highlight as
it has not only more than doubled our oil production but has
materially boosted our profitability. We view the year ahead with
confidence as we seek a farmout partner for the Inezgane Licence in
Morocco and work to further develop our Offshore Ireland
activities, subject to regulatory approval, so that we can also
move these potentially valuable assets to the farmout stage. A
third leg of the Company remains in our sights, and we would expect
this to include the acquisition of near-term appraisal and
development opportunities."
* * ENDS * *
For further information please visit www.europaoil.com or
contact:
Simon Oddie/Murray Johnson Europa Oil & mail@europaoil.com
Gas
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. Production, in the year to 31 (st) 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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