Europa Oil & Gas (Holdings) PLC Wressle Development Update PEDL180 and PEDL182 (9059Y)
18 Mayo 2021 - 01:00AM
UK Regulatory
TIDMEOG
RNS Number : 9059Y
Europa Oil & Gas (Holdings) PLC
18 May 2021
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
18 May 2021
Europa Oil & Gas (Holdings) plc ('Europa' or 'the
Company')
Wressle Development Update PEDL180 and PEDL182
Europa Oil & Gas (Holdings) plc, the UK , Ireland and
Morocco focused oil and gas exploration, development and production
company, is pleased to announce that all necessary consents have
been received by the o perator, Egdon Resources U.K. Limited ( '
Egdon ' ) , for the commencement of the proppant squeeze operation
at the Wressle oil production site ( ' Wressle ' ) in North
Lincolnshire . The proppant squeeze represents the final stage of
operations under the field development plan to achieve optimum
production levels at the Wressle-1 well.
T he conventional Wressle-1 oil discovery , which has proven
reserves and significant development upsid e, is l ocated on the
western margin of the Humber Basin on licences PEDL180 and PEDL182
('the Licences'). Europa holds a 30% working interest in the
Licences, alongside Egdon Resources (30% and operator), and Union
Jack Oil (40%) .
The proppant squeeze operation is being undertaken to optimise
oil production from the Ashover Grit formation, one of three
productive reservoirs present at Wressle , to a constrained gross
rate of 500 bopd ( 150 b opd net to Europa ). Independent data
acquired by the partners in the Licences indicate that th e
targeted flow rate should be achievable once the proppant squeeze
operation has been completed. This is expected during June
2021.
The Wressle-1 well has been on 24 - hour test production
(Extended Well Test or ' EWT ' ) since late January 2021, following
the successful re-perforating exercise on the Ashover Grit
reservoir , which resulted in the successful communication with the
formation . I ncreased oil production from Wressle-1 has been
observed, exceedin g the partner s' pre-proppant squeeze
expectations with high quality free flowing oil being produced and
no water present. Wressle-1 will continue to operat e on EWT
production until the completion of the proppant squeeze with
produced oil transported by road tanker to the Phillips 66 Humber
refinery and sold under the operator Egdon Resources ' existing oil
sales contract .
Recently taken video footage of the Wressle site can be accessed
via the Company's website www.europaoil.com .
Simon Oddie, CEO of Europa, said: "I am delighted to report that
all necessary consents have been received for the proppant squeeze.
We can now proceed with the final stage of operations at Wressle to
achiev e optimum production levels from the Ashover Grit reservoir
. All the data gathered to date points to production at Wressle-1
meeting the 500bopd target and in the process increasing Europa's
net production by 150bopd. Subject to the results of the upcoming
operation, Europa's overall production across all four of its
producing UK onshore fields is set to be scaled up to over 200bopd.
With oil prices trading above US$65 per barrel, Wressle will
transform Europa's financial profile."
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 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
+ 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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