Romania Operations Update
June 21 2010 - 2:00AM
UK Regulatory
TIDMEOG
Romanian Operations Update
The Directors of Europa Oil & Gas (Holdings) plc are pleased to provide a joint
venture announcement being made today by the Operator, Aurelian Oil & Gas plc,
regarding the Romanian operations:
`Ongoing Appraisal of Voitinel/Solca trend - Result of Flow Test of 1400 sand
The 1400 sand in the Voitinel-1 well, which accounts for approximately 12% of
total gas-in-place across the wider Voitinel/Solca trend, has been perforated
and flowed gas at 10,000 scf/d with no water production. Further appraisal is
likely in future appraisal wells where core can be obtained and fracture
stimulation undertaken to increase production rates. Aurelian believes that the
wider Voitinel/Solca structural trend could have gas-in-place volumes up to
400bcf and that it may be possible to recover up to 6bcf per well from the 1650
sand tested in May and, on the 1400 sand, up to 3bcf per well on the assumption
that fracture stimulation is successful.
The reprocessing of the available seismic to incorporate the results of the
Voitinel-1 well has been completed and the structure is currently being
remapped. The results of this should be available in July/August and will
enable the Company to provide a more accurate assessment of total gas-in-place
across the trend. In addition, seismic contractor Prospectiuni has been
appointed to acquire 60km of 2D seismic principally to detail the Solca trend
to allow a site to be selected for a possible well in Q4 2010.
Interests in the Brodina block are held by Aurelian Oil & Gas (Romania) SRL
(33.75%), S.N.G.N. Romgaz S.A. (37.50%) and Europa Oil & Gas SRL (28.75%).
Bacau 2D seismic survey commences targeting leads of 147bcf of gas-in-place
Work has commenced on a 70km, 2D seismic survey (44km on Bacau North and 26km
on Bacau/Lilieci) on three prospective areas within the northern and central
areas of the Block. As a result of reviewing the overthrust area of the block
for the first time, the Company has identified additional leads and therefore
the survey is now targeting gas-in-place leads of 147bcf, an increase of 119%
from the previously announced 67 bcf. In summary, two areas are prospective
for Sarmatian biogenic gas prospects in the north eastern area and one for
thermogenic gas/condensate in the overthrust area of the East Carpathians. This
survey will be interpreted by the end of August 2010 and it is hoped that it
will further define prospects for drilling in the future.
Interests in the Bacau North block are Aurelian Oil & Gas (Romania) SRL 41.0%,
S.N.G.N. Romgaz S.A. 40.0% and Europa Oil & Gas SRL 19.0%. Interests in the
Bacau Lilieci block are Aurelian Oil & Gas (Romania) SRL 60.0%, S.N.G.N. Romgaz
S.A. 40.0%.'
Paul Barrett, Managing Director of Europa, said `This test confirms free gas in
the 1400 sand at Voitinel which will be incorporated into the development plan
for the discovery, of which the main 1650 reservoir, successfully fracced in
May, currently holds the majority of potential reserves. We are looking forward
to the Operator's presentation to partners on revised reserve estimates in
early July and will inform shareholders in due course.
Despite our very strong acreage position in the play, we feel we have only
scratched the surface so far in assessing the prolific Oligo-Miocene oil
fairway of the Romanian Carpathians, which has produced 5 billion barrels to
date. Consequently, the seismic program this year across the Bacau and Cuejdiu
Blocks will go a long way to providing a strong exploration prospect flow for
the next few years. The first of our oil prospects, Barchiz, is expected to be
drilled in the Brates Block later this year.'
For further information, please contact:
Europa Oil & Gas Paul Barrett 01235 553266
Astaire Securities Shane Gallwey 020 7492 4775
Astaire Securities Jerry Keen 020 7492 4750
END
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