Europa Oil & Gas (Holdings) PLC Corporate Update (7179A)
September 27 2022 - 2:01AM
UK Regulatory
TIDMEOG
RNS Number : 7179A
Europa Oil & Gas (Holdings) PLC
27 September 2022
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
27 September 2022
Europa Oil & Gas (Holdings) plc
("Europa" or the "Company")
Corporate Update
Europa Oil & Gas (Holdings) plc, the AIM traded UK, Ireland
and Morocco focused oil and gas exploration, development, and
production company, provides further clarifications on recent
Company announcements in response to inbound queries.
Drilling activities at Serenity are ongoing and further to the
announcement on 22 September 2022 these are expected to take 30
days to complete from spudding. The SA02 appraisal well and
contingent side-track will help establish the extent of the
reservoir and the amount of oil in place. SA02 has been designed to
gather information and samples and so be drilled quickly and cost-
effectively and, as such, it is not designed to be converted into a
producing well. However, following a successful result, further
wells at Serenity will likely be completed, as part of a full
appraisal and development plan, to bring the field into production
as quickly as possible.
Further to the announcement on 9 September 2022, Europa would
like to confirm that GBP1,000,000 loan facility (the "Loan") that
was entered into with Union Jack Oil plc, is to provide the Company
with additional liquidity, over and above the existing monthly
income, and reflects the Company's prudent approach to cash
management. At current forecasts the Company has more than
sufficient funds to cover all of its ongoing obligations and the
Loan will provide Europa with further contingent cash for
additional corporate activities that may occur over the coming
months, including drilling a success case side-track at Serenity.
If these additional corporate activities do not all materialise and
the additional funds that the Loan provides are not required, then
the Loan can immediately be repaid in full without penalty.
* * ENDS * *
For further information, please visit www.europaoil.com or
contact:
Simon Oddie Europa Oil & Gas (Holdings) mail@europaoil.com
plc
William Holland Europa Oil & Gas (Holdings) mail@europaoil.com
plc
Murray Johnson Europa Oil & Gas (Holdings) mail@europaoil.com
plc
Strand Hanson Limited - Nominated +44 (0) 20 7409
James Dance & Financial Adviser 3494
Strand Hanson Limited - Nominated +44 (0) 20 7409
James Spinney & Financial Adviser 3494
+44 (0) 20 7186
Peter Krens Tennyson Securities 9033
+ 44 (0) 20 7390
Patrick d'Ancona Vigo Consulting 0230
+ 44 (0) 20 7390
Finlay Thomson Vigo Consulting 0230
+ 44 (0) 20 7390
Kendall Hill Vigo Consulting 0230
Notes to Editors
Europa Oil & Gas (Holdings) plc has a diversified portfolio
of multi-stage hydrocarbon assets which includes production,
development and exploration interests, in countries that are
politically stable, have transparent licensing processes, and offer
attractive terms. Production in the half-year to 31 January 2022
was 208 boepd. In April 2022, Europa farmed into P.2358, Block
13/23c ("Serenity") in the Outer Moray Firth area of the North Sea.
The licence contains the 2019 Serenity oil discovery, in which
Europa now has a 25% interest. The Company holds one exploration
licence offshore Ireland, which has the potential to host gross
mean un-risked prospective resources of 1.5 trillion cubic feet
("tcf") gas. Inishkea is a near field gas prospect in the Slyne
Basin which the Company classifies as lower risk due to its close
proximity to the producing Corrib gas field and associated gas
processing infrastructure. In September 2019, Europa was awarded a
75% interest in the Inezgane permit offshore Morocco. Initial
results of technical work have identified 30 prospects and leads
that have the potential to hold in excess of one billion barrels of
unrisked oil resources. In December 2021, Europa announced a
collaboration between Baker Hughes and CausewayGT to conduct a
geothermal clean heat project at the Company's West Firsby field.
If this project is successful, it will prove the operational
ability to extract and use geothermal heat from the site.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDSEEEFMEESEDU
(END) Dow Jones Newswires
September 27, 2022 02:01 ET (06:01 GMT)
Europa Oil & Gas (holdin... (LSE:EOG)
Historical Stock Chart
From Aug 2024 to Sep 2024
Europa Oil & Gas (holdin... (LSE:EOG)
Historical Stock Chart
From Sep 2023 to Sep 2024