Europa Oil & Gas (Holdings) plc /
Index: AIM / Epic: EOG / Sector: Oil & Gas
29 April 2019
Europa Oil &
Gas (Holdings) plc (‘Europa’ or ‘the Company’)
Wressle Planning
Inquiry Date
Europa Oil & Gas (Holdings) plc, the UK and Ireland focused oil and gas exploration,
development and production company, notes today’s update from Egdon
Resources (‘Egdon’) advising that the Planning Inspectorate has now
set the commencement date of the planning inquiry to hear an appeal
against the refusal of planning consent for the development of the
Wressle oil field by North Lincolnshire Council’s Planning
Committee on 28 November 2018.
The public inquiry will commence on 5
November 2019 with the hearing expected to last up to six
days at a venue which has yet to be confirmed. The Planning
Inspector will be Mr. Phillip
Ware.
The Wressle oil field was discovered in 2014 by the Wressle-1
well. During testing, a total of 710 barrels of oil
equivalent per day were recovered from three separate reservoirs,
the Ashover Grit, the Wingfield Flags and the Penistone
Flags. In September 2016, a
Competent Person’s Report provided independent estimates of
reserves and contingent and prospective oil and gas resources for
the Wressle discovery of 2.15 million stock tank barrels classified
as discovered (2P+2C). Europa has a 30% working interest in
licence PEDL 180 in the East Midlands which holds the Wressle oil
discovery, alongside Egdon (operator, 30%), Union Jack Oil (27.5%),
and Humber Oil & Gas Limited (12.5%) (together ‘the Partners’).
Europa's CEO, Hugh Mackay,
said: “Recommended for approval by the Council’s Planning
Officer and supported by an expert third party review undertaken on
behalf of the Council, the Partners are not alone in believing the
new proposals for the development of Wressle comprehensively
address all the points raised by the Planning Inspector in the
original appeal. At a proposed initial gross rate of 500bopd,
Wressle has the potential to more than double Europa’s existing
production to over 200bopd which, with Brent currently trading
above US$70 per barrel, would
generate a significant revenue stream for the Company. We are
therefore keen to bring this discovery online at the earliest
opportunity and with this in mind we are looking forward to the
public inquiry in November.”
Qualified Person Review
This release has been reviewed by Hugh
Mackay, Chief Executive of Europa, who is a petroleum
geologist with over 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.
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 |
Juliet Earl |
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.
Evaluation of hydrocarbon volumes has been assessed in
accordance with 2018 Petroleum Resources Management System (PRMS)
prepared by the Oil and Gas Reserves Committee of the Society of
Petroleum Engineers (SPE) and reviewed and jointly sponsored by the
World Petroleum Council (WPC), the American Association of
Petroleum Geologists (AAPG), the Society of Petroleum
Evaluation Engineers (SPEE), the Society of Exploration
Geophysicists (SEG), the Society of Petrophysicists and Well Log
Analysts (SPWLA) and the European Association of Geoscientists
& Engineers (EAGE).