EOG Europa Oil & Gas (holdings) Plc

 
TIDMEOG 
 
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 
 
21 July 2014 
 
          Europa Oil & Gas (Holdings) plc (`Europa' or `the Company') 
 
          Commencement of Drilling at Wressle Prospect, onshore UK & 
 
                               Operations Update 
 
Europa Oil & Gas (Holdings) plc, the AIM quoted oil and gas exploration and 
development company with a combination of producing and exploration assets in 
Europe, is pleased to announce that it has been notified by Egdon Resources 
(`Egdon' or the `Operator'), the operator of Licence PEDL 180 in Lincolnshire 
(`PEDL 180' or the `Licence'), that the Wressle-1 conventional exploration well 
spudded on 19 July 2014. Egdon estimates Wressle has mean gross un-risked 
recoverable resources of 2.1mmbo. Europa has a 33.3% working interest in PEDL 
180 with its partners Egdon (operator, 25%), Celtique Energie Petroleum Ltd 
(33.3%) and Union Jack Oil (8.3%). 
 
Wressle is a conventional hydrocarbon prospect located in the East Midlands 
Petroleum Province, 5 km southeast of and along the same structural trend as 
the Europa operated, Crosby Warren field which has been producing for almost 28 
years. As a result, Europa rates Wressle as a relatively low risk well with a 
one in three chance of success. The Operator anticipates drilling operations 
will take 38 days. The planned well will be drilled as a deviated well to a 
total depth of approximately 2300m (ca. 1,850 metres TVDSS). Europa expects the 
well results to become known towards the end of August 2014 and in the event of 
exploration success the intention will be to put Wressle on an extended well 
test. 
 
Offshore Ireland 
 
The Directors are encouraged by what they have seen on the 3D seismic acquired 
in H2 2013 over prospects in Europa's two licences in the South Porcupine 
Basin. The Operator, Kosmos, has recently advised the Company that a new 
prospect inventory will be delivered in Q4 2014 after which management intends 
to issue a CPR for the Irish prospects also in Q4 2014. The guidance received 
from the Operator remains that a first well offshore Ireland could be spudded 
in 2015 or 2016. 
 
New Ventures 
 
The Company intends to add to its pipeline of prospects through participation 
in the recently announced 2015 Atlantic Margin Oil and Gas Licensing Round in 
Ireland and in the UK's upcoming 14th Onshore (Landward) Oil and Gas Licensing 
Round. 
 
Romania 
 
The Company announces the completion of the sale of its entire holding in the 
issued share capital of its Romanian subsidiary Europa Oil & Gas SRL for a 
nominal sum. The subsidiary held interests in onshore concessions in Romania 
which have been relinquished, or are in the process of receiving government 
approval for such relinquishment. The assets were written down to nil value in 
the Group's financial statements for the year to 31 July 2012. The sale marks 
the termination of the Company's formal involvement in Romania. 
 
Europa's CEO, Hugh Mackay said, "With a one in three chance of materially 
adding to our existing production, Wressle has been long anticipated and we are 
delighted that it has spudded. Thanks to the progress made across our portfolio 
in recent months, Wressle is the first of what we believe will be a multi-well 
drilling programme over the course of the next eighteen months. Wressle will be 
followed by the 2.9 mmbo Kiln Lane prospect on the neighbouring licence PEDL 
181 which remains on track to spud in Q4 2014. Work undertaken to date includes 
the submission of the relevant planning application, negotiations completed and 
a lease signed for a suitable well site, engagement with the Environment Agency 
to secure a mining waste permit and procurement of long lead items of drilling 
equipment. 
 
"The two UK onshore wells as well as potential drilling offshore Ireland in 
2015/16 are funded. Drilling success at either of the two UK wells can be 
brought onto production and monetised quickly. Success in Ireland would be a 
company maker. This is an exciting period for the Company and I look forward to 
providing further updates on our progress as and when it is appropriate to do 
so." 
 
                                 * * ENDS * * 
 
For further information please visit www.europaoil.com or contact: 
 
Hugh Mackay         Europa                          + 44 (0) 20 7224 3770 
 
Phil Greenhalgh     Europa                          + 44 (0) 20 7224 3770 
 
Matt Goode          finnCap Ltd                     +44 (0) 20 7220 0500 
 
Henrik Persson      finnCap Ltd                     +44 (0) 20 7220 0500 
 
Frank Buhagiar      St Brides Media and Finance Ltd +44 (0) 20 7236 1177 
 
Lottie Brocklehurst St Brides Media and Finance Ltd +44 (0) 20 7236 1177 
 
Notes 
 
Europa Oil & Gas (Holdings) plc has a diversified portfolio of multi-stage 
hydrocarbon assets that includes production, exploration and development 
interests, in countries that are politically stable, have transparent licensing 
processes, and offer attractive terms. The Company produced 170 boepd in the UK 
during the first half of the 2013/2014 financial year, generating sufficient 
revenues to cover corporate overheads and some exploration expenditure. Its 
highly prospective exploration projects include the Wressle and Kiln Lane 
prospects in the UK where wells are due to be drilled this year; 100% owned gas 
exploration prospect (416 bcf) and appraisal project (CPR 277 bcf) in onshore 
France; and a joint venture with leading independent Kosmos to explore two 
licences in offshore Ireland in which Europa had previously identified two 
prospects with estimated gross mean un-risked indicative resources of 482 
million barrels oil and 1.6 billion barrels oil respectively. 
 
 
 
END 
 

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