Europa Oil & Gas (Holdings) PLC Assumption of Operatorship of PEDL343 (Cloughton) (4788H)
July 28 2023 - 2:00AM
UK Regulatory
TIDMEOG
RNS Number : 4788H
Europa Oil & Gas (Holdings) PLC
28 July 2023
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
28 July 2023
Europa Oil & Gas (Holdings) plc
("Europa" or the "Company")
Assumption of Operatorship of PEDL343 (Cloughton)
Europa Oil & Gas (Holdings) plc, the AIM traded UK and
Ireland focused oil and gas exploration, development, and
production company, is pleased to announce that it has assumed
operatorship of licence PEDL343, which holds the Cloughton gas
discovery.
Operatorship of the licence was transferred from Egdon Resources
U.K. Limited ("Egdon") to Europa and approved by the North Sea
Transition Authority, the industry regulator, with effect from 27
July 2023. The partners in PEDL343 are Europa (40 per cent), Egdon
(40 per cent) and Petrichor (20 per cent).
The Cloughton field was discovered in 1986 and encountered gas
throughout the Carboniferous section. The well tested at rates of
up to 40,000 scf/day on natural flow, however with the right
completion and production optimisation techniques, the Company
believes that a well could flow at 6 mmscf/day. The gas is good
quality sweet gas with >98% methane and ethane.
The discovery well encountered 60 metres of Carboniferous net
sandstone reservoir with high gas saturations. Given the large
areal closure and net sand present within the well there is a large
volume of gas in place that has already been discovered. Cloughton
is therefore a gas appraisal opportunity with the critical
challenge being to obtain commercial flowrates from future
production testing operations. A location for an appraisal well pad
has been identified and following successful testing operations,
the field would be monetised by connecting to the nearby gas grid.
Such developments remain subject to securing necessary permits and
approvals.
Will Holland, Chief Executive Officer of Europa, said:
"We are very pleased to be assuming the operatorship of what we
believe to be a material licence and plan to progress the asset to
appraisal drilling operations as quickly as possible. This
initially involves engaging with the various stakeholders to secure
the necessary permits and approvals.
The Europa technical team is now working through the subsurface
data to calculate a range of probabilistic recoverable gas volumes
and will produce a conceptual development plan for the field, which
we believe will demonstrate the material potential value of the
licence. There is undoubtedly a significant volume of gas within
the structure, which could be brought online relatively quickly and
would displace imported gas volumes. Domestically produced gas
generates employment, local and national tax revenues and has a
lower carbon footprint than imported gas. As such development of
Cloughton is fully aligned with the UK Governments British Energy
Security Strategy and Net Zero 2050 goals.
I look forward to updating shareholders of our progress as we
work through the asset data, refine our estimates for the gas
volumes and establish a conceptual development plan. "
* * ENDS * *
For further information, please visit www.europaoil.com or
contact:
William Holland Europa Oil & Gas (Holdings) mail@europaoil.com
plc
Strand Hanson Limited
- Nominated & Financial +44 (0) 20 7409
James Dance / James Spinney Adviser 3494
+44 (0) 20 7186
Peter Krens Tennyson Securities 9033
Patrick d'Ancona / Finlay + 44 (0) 20 7390
Thomson / Kendall Hill Vigo Consulting 0230
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. Average production for the 6-month period ending
31 January 2023 was 268 bopd. In April 2022, Europa farmed into
P.2358, Block 13/23c ("Serenity") in the Outer Moray Firth area of
the North Sea. The licence contains the 2019 Serenity oil
discovery, in which Europa has a 25% interest. The Company holds
one exploration licence offshore Ireland, which has two principal
prospects, the largest of which has the potential to host gross
mean un-risked prospective resources of 1.5 trillion cubic feet
("tcf") gas. Inishkea is a near field gas prospect in the Slyne
Basin which the Company classifies as lower risk due to its close
proximity to the producing Corrib gas field and associated gas
processing infrastructure.
Glossary
scf/day standard cubic feet per day
mmscf/day million standard cubic feet per day
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