Europa Oil & Gas (Holdings) plc /
Index: AIM / Epic: EOG / Sector: Oil & Gas
14 March 2019
Europa Oil &
Gas (Holdings) plc (‘Europa’ or ‘the Company’)
Transfer of
Operatorship of PEDL 143 Licence, UK Onshore
Europa Oil & Gas (Holdings) plc, the UK and Ireland focused oil and gas exploration,
development and production company, is pleased to announce that it
is in the process of transferring its operatorship of UK onshore
licence PEDL 143 (‘the Licence’) to UK Oil & Gas plc (‘UKOG’).
Europa will continue to hold a 20% interest in the Licence,
which is located in the Weald Basin, Surrey, alongside UKOG (40%),
Egdon Resources plc (18.4%), Angus Energy plc (12.5%), Union Jack
Oil plc (7.5%) and Altwood Petroleum (1.6%).
The decision to transfer operatorship of PEDL 143 is based on
Europa’s focus on its high impact portfolio of exploration licences
in Atlantic Ireland, its existing producing assets onshore UK, and
the Company’s pursuit of new ventures in its chosen areas of focus,
specifically the Atlantic seaboard, North
Africa and NW Europe.
With its operational activities centred on the Weald Basin, the
Company believes UKOG’s direct experience with, and technical
knowledge of, the Portland and Kimmeridge plays at the nearby Horse
Hill discovery, will help inform a forward plan for the
Licence.
The transfer of PEDL143 operatorship to UKOG is subject to Oil
and Gas Authority consent.
Further Information
PEDL143 is located in the Weald Basin, Surrey and contains the
conventional Holmwood prospect which has estimated gross mean
prospective resources of 5.6 million boe.
In September 2015, planning
permission was granted to drill a temporary exploratory borehole
from the Bury Hill Wood site to a depth of 1,400m. In July
2018, the Environment Agency granted a permit to allow the
drilling and testing of a single well for the purposes of oil and
gas exploration, while the initial term of PEDL143 was extended by
the Oil and Gas Authority to 30 September
2020.
In September 2018, the Secretary
of State for the Environment, Food and Rural Affairs, refused an
application to extend the site lease. Acting on behalf of the
partnership, Europa withdrew its application to extend planning
permission to drill the Holmwood exploration well from the Bury
Hill Wood site, which has since been re-instated. The joint
venture group continues to investigate opportunities to drill
elsewhere within the licence to test the significant Portland and
Kimmeridge prospect underlying the centre of the block, which is a
look-a-like structure to the nearby Horse Hill field.
The information communicated in this
announcement contains inside information for the purposes of
Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
* * 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 |
Camille Gochez |
finnCap Ltd |
+ 44 (0) 20 7220 0500 |
Frank Buhagiar |
St Brides Partners Ltd |
+ 44 (0) 20 7236 1177 |
Susie Geliher |
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. In 2018 Europa produced 94 boepd. Its highly
prospective exploration projects include the Wressle development in
the UK (targeting production start-up in 2019 at 500 bopd gross)
and six licences offshore Ireland
with the potential to host gross mean un-risked prospective
resources of 6.4 billion barrels oil equivalent and 1.5 tcf gas
across all six licences.