TIDMEOG
RNS Number : 2680Y
Europa Oil & Gas (Holdings) PLC
02 January 2024
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
2 January 2024
Europa Oil & Gas (Holdings) plc
("Europa" or the "Company")
PEDL 180 and PEDL 182 Competent Person's Report
Europa Oil & Gas (Holdings) plc, the AIM quoted UK, Ireland
and West Africa oil and gas exploration, development and production
company, is pleased to provide summary details from a Competent
Person's Report ("CPR" or the "Report") for the Wressle field
("Wressle") and Broughton North Prospect, dated 31 December 2023,
prepared by ERC Equipoise Limited ("ERCE" or the "Competent
Person").
ERCE's summary of the findings of the Wressle CPR has been
published on the Company`s website www.europaoil.com
Europa holds a 30% economic interest in PEDL180/182. All figures
are in gross terms, unless otherwise stated.
HIGHLIGHTS
-- 263% increase in 2P Reserves compared to 2016 CPR
-- Reclassification of 1,883 mboe in Penistone Flags Contingent Resources to 2P Reserves
-- 59% upgrade to the Ashover Grit and Wingfield Flags Estimated Ultimate Recoverable ("EUR")
-- 23% upgrade to Broughton North Prospective 2U Resources
Wressle Competent Person's Report
ERCE has made an independent estimate of the hydrocarbon
Reserves and Resources (Contingent and Prospective) associated with
Wressle and the Broughton North Prospect, located in onshore
licences PEDL180 and PEDL182 on the western margin of the Humber
Basin in Lincolnshire.
The CPR was prepared on behalf of Egdon Resources U.K. Limited
(the "Operator") , Union Jack Oil plc and Europa.
In the preparation of the Report, ERCE has adopted the June 2018
SPE/WPC/AAPG/ SPEE/SEG/SPWLA/EAGE Petroleum Resources Management
System ("PRMS") as the standard for classification and reporting. A
glossary of all technical terms used is included in the Report.
ERCE has produced the CPR with an effective date of 30 June
2023. The Report was based on information provided by the Operator
up to 24 July 2023, which has included updated seismic
interpretations and production data.
Estimates of recovery factors were prepared , based on
consideration of the results of production performance analysis,
reservoir simulation models, classical reservoir engineering
calculations and the performances of analogue fields. ERCE has
derived independent estimates of Reserves and prepared forecasts of
production of oil and gas.
Production profiles have been generated by ERCE for both
Reserves and Contingent Resources. The forecasts generated for
Reserves have then been used as input to an economic model to
undertake an Economic Limit Test ("ELT") and assess commerciality.
The economic model has been provided to ERCE by the Operator and
has been reviewed by ERCE to confirm the fiscal regime is correctly
represented.
Wressle Gross Oil and Gas Reserves (mboe)
Category Gross Reserves
---------------------
1P 2P 3P
--------------------- ------ ------ ------
2016 CPR 303 655 1,356
--------------------- ------ ------ ------
Added - - -
Produced to 30 June
2023 (519) (519) (519)
Revisions 258 354 403
Reclassified 864 1,883 3,649
--------------------- ------ ------ ------
2023 CPR 906 2,373 4,888
26 2 61
Reserves Change 199% 3 % %
Source: Europa Oil & Gas
Note: 1 barrel of oil equivalent ("boe") is equal to 5,714scf of natural gas
Wressle Gross Oil and Gas Reserves: Ashover Grit and Wingfield
Flags (mboe)
Category Gross Reserves
----------------
1P 2P 3P
---------------- ------ ------ ------
2016 CPR 303 655 1,356
---------------- ------ ------ ------
Added - - -
Produced to 30
June 2023 (504) (504) (504)
Revisions 244 340 388
Reclassified - - -
2023 CPR 42 490 1,240
---------------- ------ ------ ------
Source: Europa Oil & Gas
Note: 1 barrel of oil equivalent ("boe") is equal to 5,714scf of natural gas
Wressle Gross Oil and Gas Contingent Resources and Reserves:
Penistone Flags (mboe)
Category Gross Contingent Resources Gross Reserves
--------------
1C 2C 3C 1P 2P 3P
-------------- -------- ---------- --------- ---- ------ ------
2016 CPR 831 1,880 3,385 - - -
-------------- -------- ---------- --------- ---- ------ ------
Added - - - - - -
Revisions 33 3 264 - - -
Reclassified (864) (1,883) (3,649) 864 1,883 3,649
2023 CPR - - - 864 1,883 3,649
-------------- -------- ---------- --------- ---- ------ ------
Source: Europa Oil & Gas
Note: 1 barrel of oil equivalent ("boe") is equal to 5,714scf of natural gas
Broughton North Oil and Gas Prospective Resources
The Broughton North prospect lies within Licence PEDL180 and is
located immediately northwest of the Wressle field, across a
northeast-southwest trending fault. The majority of the prospect is
covered by the same 3D seismic survey that covers the Wressle
field.
Broughton North Oil and Gas Gross Prospective Resources
(mboe)
Category Gross Unrisked Prospective Resources
----------------
1U 2U 3U
---------------- ----------- ----------- ---------------
2016 CPR 180 494 1,156
---------------- ----------- ----------- ---------------
Added - - -
Produced to 30
June 2023 - - -
Revisions 34 115 376
Reclassified - - -
2023 CPR 213 608 1,532
Source: Europa Oil & Gas
Note: 1 barrel of oil equivalent ("boe") is equal to 5,714scf of natural gas
Will Holland, Chief Executive Officer of Europa, said:
"I'm very pleased to announce the material 263% upgrade in 2P
reserves at Wressle, which marks the completion of an extensive and
detailed independent technical evaluation of Wressle and the
surrounding prospectivity. The ERCE evaluation included the
reprocessed 3D seismic and the historical production performance at
Wressle, which has refined the original 2016 CPR and has led to the
significant upgrades in the recoverable reserves of the Ashover
Grit, Wingfield Flags and Penistone Flags, and the increase in
Broughton North's Prospective Resources. With NSTA approval for the
FDP, I look forward to updating the market during 2024 as we seek
to progress the field development and continue to realise the value
of the field."
Competent Person's Statement
In accordance with the "AIM Rules - Note for Mining and Oil and
Gas Companies" , the information contained within this announcement
has been reviewed and signed off by Alastair Stuart , Chief
Operating Officer , who has over 4 0 years of international oil and
gas industry experience.
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, as amended.
* *S * *
For further information, please visit www.europaoil.com or
contact:
William Holland / Alastair Europa Oil & Gas (Holdings) mail@europaoil.com
Stuart plc
Strand Hanson Limited
James Dance / James Spinney - Nominated & Financial +44 (0) 20 7409
/ Rob Patrick 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
Glossary
1C Low estimate of Contingent Resources
2C Best estimate of Contingent Resources
3C High estimate of Contingent Resources
1P Low estimate of Reserves. Proved Reserves
2P Best estimate of Reserves. The sum of Proved plus Probable Reserves
3P High estimate of reserves. The sum of Proved plus Probable plus Possible
Reserves
1U The unrisked low estimate qualifying as Prospective Resources.
2U The unrisked best estimate qualifying as Prospective Resources.
3U The unrisked high estimate qualifying as Prospective Resources.
bcf billion cubic feet
Contingent Resources Those quantities of petroleum estimated, as of a given date, to be potentially
recoverable
from known accumulations by application of development projects, but which are
not currently
considered to be commercially recoverable owing to one or more contingencies.
Estimate Ultimate Recoverable ("EUR") Those quantities of petroleum estimated, as of a given date, to be potentially
recoverable
plus those quantities that have been already produced. For clarity, EUR must
reference the
associated technical and commercial conditions for the resources; for example,
proved EUR
is Proved Reserves plus prior production.
mbbl thousands of standard oil barrels
mboe thousands of barrels of oil equivalent
Prospective Resources Those quantities of petroleum that are estimated, as of a given date, to be
potentially recoverable
from undiscovered accumulations.
Reserves Reserves are those quantities of petroleum anticipated to be commercially
recoverable by application
of development projects to known accumulations from a given date forward under
defined conditions.
Technically Recoverable Resources Those quantities of petroleum producible using currently available technology
and industry
practices, regardless of commercial or accessibility considerations
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