Europa Oil & Gas (Holdings) PLC Wressle Operational Update (8208G)
29 Julio 2021 - 1:00AM
UK Regulatory
TIDMEOG
RNS Number : 8208G
Europa Oil & Gas (Holdings) PLC
29 July 2021
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
29 July 2021
Europa Oil & Gas (Holdings) plc ('Europa' or 'the
Company')
Wressle Operational Update
Europa Oil & Gas (Holdings) plc, the UK , Ireland and
Morocco focused oil and gas exploration, development and production
company, provides 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 Company has been advised by the operator that the proppant
squeeze operation on the Ashover Grit reservoir interval in the
Wressle-1 well has been completed safely and successfully. A total
of 146 cubic metres of gelled fluid with 17.3 tonnes of ceramic
proppant were injected into the Ashover Grit formation in line with
the authorised programme. The injection operations lasted a total
of only 1 hour and 30 minutes over a two-day period.
There were no health, safety, environmental or security issues
experienced during the operations; and as predicted, real time
monitoring confirmed there was no induced seismicity and that the
noise levels were well within the permitted limits. The operation
was subject to a pre-operational inspection by the Health and
Safety Executive and active monitoring by the Environment Agency.
Ground and surface water monitoring has continued in accordance
with the requirements of the Environmental Permit. All equipment
and personnel associated with the operation have now demobilised
from site.
The Wressle well will now be subject to a coiled tubing
operation to fully clean out the production tubing prior to
bringing the well back into production through the site's permanent
production facilities. Based on the implemented programme,
pre-operational simulation modelling concluded that the proppant
squeeze operation would result in constrained flow rates of 500
barrels of oil per day (gross). Once the well is brought back into
production, we will provide a further update to report on the
stabilised flow rates achieved from the proppant squeeze.
Simon Oddie, CEO of Europa said: "We are delighted with the safe
and successful completion of the proppant squeeze activities at
Wressle. The operator's team of staff and contractors undertook
this project with the utmost professionalism and achieved no
adverse impact on the environment or site neighbours. The well will
shortly be placed back on production and we look forward to being
able to report the positive impact of the operation on oil
production from the site."
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 May 2021.
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.
* * 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
Cosima Akerman 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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