EOG Europa Oil & Gas (holdings) Plc

 
TIDMEOG 
 
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 
 
27 March 2015 
 
          Europa Oil & Gas (Holdings) plc (`Europa' or `the Company') 
 
      Fourth Productive Interval Identified at Wressle-1 Well, Onshore UK 
 
Europa Oil & Gas (Holdings) plc, the AIM quoted oil and gas company with a 
combination of producing and exploration assets in Europe, is pleased to note 
today's announcement from Egdon Resources (`Egdon') confirming the presence of 
an oil column in the Penistone Flags interval, which has produced at a rate 
equivalent to 77 barrels of oil per day (`bopd') during testing at the 
Wressle-1 oil discovery (`Wressle') on Licence PEDL 180 in East Lincolnshire 
(`PEDL 180'). This is the fourth tested interval at Wressle to produce 
hydrocarbons and brings the total hydrocarbons recovered from all four test 
intervals to 710 barrels of oil equivalent per day (`boepd'). Europa has a 
33.3% working interest in PEDL 180, alongside Egdon (operator, 25%), Celtique 
Energie Petroleum Ltd (33.3%), Union Jack Oil (8.3%). 
 
  * Second flow test of the Penistone Flags reservoir has identified a 7.5 
    metre oil column (referred to as Zone 3a) below the gas leg of the upper 
    part of the interval (Zone 3) 
 
  * Zone 3a was perforated and a total of 98.5 barrels of oil were recovered 
    during testing, 34.3 of which were induced by swabbing operations - this 
    equates to approximately 77 bopd 
 
  * The oil is of good quality with a gravity of 33o API 
 
  * Zone 3a is the fourth test to have produced hydrocarbons at Wressle during 
    testing operations: 
 
  * 
      + the Ashover Grit - 80 bopd and 47 thousand cubic feet of gas per day 
        (`mcfd'), free flow; 
 
      + the Wingfield Flags - up to 182 bopd and 0.456 million cubic feet of 
        gas per day (`mmcfd'), free flow; 
 
      + Zone 3 of the Penistone Flags - up to 1.7 mmcfd and up to 12 bopd, free 
        flow; 
 
      + Zone 3a of the Penistone Flags - 77 bopd, swabbed 
 
  * An aggregate 710 boepd has been recovered from all payzones during testing 
    operations 
 
  * Down-hole pressure data recorded during testing and oil sample data will be 
    interpreted and integrated with the data obtained from the previous three 
    flow tests 
 
  * The results will facilitate the design of the Extended Well Test (`EWT') 
    programme necessary to quantify the production levels that could be 
    attained from pumped production and inform field development options 
 
  * 
      + EWT is expected to commence in May 2015 for a period of two months 
 
  * All data gathered from the test operations will be used to fully evaluate 
    the Wressle discovery which will allow an updated resource assessment to be 
    included in the Competent Person's Report covering Europa's portfolio of 
    assets in offshore Ireland, onshore France and onshore UK - this is due in 
    H1 2015 
 
Europa's CEO, Hugh Mackay said, "The Wressle discovery has now flowed 
hydrocarbons from all four intervals tested. This is an excellent result and we 
are now working with Egdon to plan for an EWT later this year to optimise 
production from the field. Thanks to our 33% interest in the well and the 
production rates achieved so far in testing, Wressle has the potential to 
materially increase Europa's existing UK production and revenues. 
 
"In addition, the discovery has positive implications for the level of our 
reserves and resources, which will be reflected in a Competent Person's Report 
(`CPR') in H1 2015. This CPR will cover both our UK assets and our Irish 
licences in the South Porcupine Basin where gross mean un-risked prospective 
resources of up to 1.5 billion barrels of oil have already been identified by 
our partner Kosmos Energy. I look forward to providing further updates on our 
progress in due course." 
 
                                 * * 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 
 
Simon Hicks         finnCap Ltd                     + 44 (0) 20 7220 0500 
 
Frank Buhagiar      St Brides Partners Ltd          + 44 (0) 20 7236 1177 
 
Lottie Brocklehurst St Brides Partners 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 165 boepd in the UK 
during the 2013/2014 financial year, generating sufficient revenues to cover 
corporate overheads and some exploration expenditure. Its highly prospective 
exploration projects include the Wressle discovery (recently drilled and 
undergoing testing) in the UK; 100% owned gas exploration prospect (107 bcf) 
and appraisal project (CPR 277 bcf) in onshore France a joint venture with 
Vermillion Energy also in onshore France; and a joint venture with leading 
independent Kosmos to explore two licences in offshore Ireland with the 
potential to host gross mean unrisked prospective resources of 1.5 billion 
barrels. 
 
Qualified Person Review 
 
This release has been reviewed by Hugh Mackay, Chief Executive of Europa, who 
is a petroleum geologist with 30 years' experience in petroleum exploration and 
a member of the Petroleum Exploration Society of Great Britain, American 
Association of Petroleum Geologists and Fellow of the Geological Society. Mr 
Mackay has consented to the inclusion of the technical information in this 
release in the form and context in which it appears. 
 
 
 
END 
 

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