Europa Oil & Gas (Holdings) PLC Wressle Production Resumes -- PEDL180/182 (6872S)

TIDMEOG

RNS Number : 6872S

Europa Oil & Gas (Holdings) PLC

08 November 2023

Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas

8 November 2023

Europa Oil & Gas (Holdings) plc

("Europa" or the "Company")

Wressle Production Resumes - PEDL180/182

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 the W1 well at the onshore UK Wressle oilfield has resumed production. The jet pump and the associated surface equipment is operating as expected and since production resumed the W1 well has produced at gross rates of over 950 bbls of oil per day ("bopd"), compared to approximately 750 bopd prior to the jet pump.

The well is now on continuous 24-hour production and is expected to continue to clean up over the course of the coming days. Once stabilised production is achieved a further announcement will be made.

Europa holds a 30% economic interest in PEDL180/182.

Will Holland, Chief Executive Officer of Europa, said:

"We are pleased that the oil production has resumed at Wressle and that the W1 well is once more producing at impressive rates. The work has been completed safely and without incident and I look forward to updating the market again once stable production has been achieved."

* * 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 net production for the financial year ending 31 July 2023 was 265 bopd. The Company took over operatorship of PEDL343 ("Cloughton") on 27 July 2023 in which Europa holds a 40% interest and contains an estimated 192 billion cubic feet ("BCF") of gas in place. 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 West 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDBLBDBXGGDGXR

(END) Dow Jones Newswires

November 08, 2023 02:00 ET (07:00 GMT)

Europa Oil & Gas (holdin... (LSE:EOG)
Historical Stock Chart
From Mar 2024 to Apr 2024