Europa Oil & Gas (Holdings) PLC Wressle Achieves 500 bopd (5267J)
24 Agosto 2021 - 1:00AM
UK Regulatory
TIDMEOG
RNS Number : 5267J
Europa Oil & Gas (Holdings) PLC
24 August 2021
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
Europa Oil & Gas (Holdings) plc ('Europa' or 'the
Company')
Wressle Achieves 500 bopd
Europa Oil & Gas (Holdings) plc, the UK , Ireland and
Morocco focused oil and gas exploration, development and production
company, is pleased to provide an update on the Wressle oil field
development ('Wressle') which 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%).
The operator has advise d that the coiled tubing operation has
been completed safely and successfully and that the Ashover Grit
reservoir has been returned to flow, under extended well testing
operations. The well flow is continuing to clean-up and has not yet
reached its full potential. The measured flow rates have exceeded
500 barrels of oil per day over a 24 hour period , which was the
forecast rate following the proppant squeeze operation.
Further updates will be provided once stabilised flow rates have
been established in the coming weeks.
Simon Oddie, CEO of Europa, said: "Achieving the targeted 500
barrels of oil per day production rate at Wressle is an excellent
outcome, following the successful proppant squeeze operation at the
Wressle-1 well. While oil production will be optimised in the
coming weeks as the reservoir continues to clean-up, a gross rate
of 500 bopd at Wressle more than doubles Europa's existing UK
onshore production to over 200 bopd. At current oil prices of over
US$65 per barrel, this step-up in net production will transform
Europa's financial profile and in turn provide a strong platform
from which to grow the Company further. Considerable upside exists
in the other formations at Wressle which we now look forward to
progressing.
"I would like to thank the operator and its contractors for
achieving this excellent outcome which is a milestone for
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.
Qualified Person Review
This release has been reviewed by Alastair Stuart, engineering
advisor to Europa, who is a petroleum engineer with over 35 years'
experience and a member of the Society of Petroleum Engineers and
has consented to the inclusion of the technical information in this
release in the form and context in which it appears.
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 ("MAR"), and is disclosed in accordance with
the company's obligations under Article 17 of MAR.
* * 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
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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