Europa Oil & Gas (Holdings) PLC Oil Storage Consent Granted for Wressle Oil Field (7915Z)
26 Mayo 2021 - 1:00AM
UK Regulatory
TIDMEOG
RNS Number : 7915Z
Europa Oil & Gas (Holdings) PLC
26 May 2021
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
26 May 2021
Europa Oil & Gas (Holdings) plc ('Europa' or 'the
Company')
Oil Storage Consent Granted for Wressle Oil Field
Europa Oil & Gas (Holdings) plc, the UK , Ireland and
Morocco focused oil and gas exploration, development and production
company, is pleased to announce that it has been advised by the
operator that consent has been received from North Lincolnshire
Council for the storage of crude oil under the Planning (Hazardous
Substances) Regulations 1992 at the Wressle Oil Field Development (
' Wressle ' ) .
The grant of consent allows full use of the installed oil
storage capacity at the site of approximately 2000 barrels and will
enable full production from t he conventional Wressle-1 well to be
realised once the upcoming proppant squeeze has been completed. The
proppant squeeze, for which all necessary consents have been
received (see announcement of 18 May 2021), is expected to increase
overall production to 500 barrels of oil per day (150 barrels net
to E uropa ).
Wressle is located on licences PEDL180 and PEDL182 ('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%).
Simon Oddie, CEO of Europa, said: " The receipt of the final
consent is very positive news and will enable the proppant squeeze
in June to maximise production rates at Wressle."
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. Regulatory approval for the upcoming
proppant squeeze was announced on 18 (th) May 2021.
Qualified Person Review
This release has been reviewed by Rowland Thomas, geophysical
advisor to Europa, who is a geophysicist with over 39 years'
experience in petroleum exploration and a member of the Society of
Exploration Geophysicists, European Association of Geoscientists
and Engineers and the Petroleum Exploration Society of Great
Britain, and has consented to the inclusion of the technical
information in this release in the form and context in which it
appears.
* * ENDS * *
For further information please visit www.europaoil.com or
contact:
Simon Oddie Europa mail@europaoil.com
Murray Johnson Europa
Christopher + 44 (0) 20 7220
Raggett finnCap Ltd 0500
+ 44 (0) 20 7220
Simon Hicks finnCap Ltd 0500
Turner Pope Investments + 44 (0) 20 3657
Ltd 0050
James Pope Turner Pope Investments + 44 (0) 20 3657
Andy Thacker Ltd 0050
+ 44 (0) 20 7236
Frank Buhagiar St Brides Partners Ltd 1177
+ 44 (0) 20 7236
Megan Dennison St Brides Partners Ltd 1177
Notes
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 is expected to
increase to over 200 boepd once the Wressle field reaches full
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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