Europa Oil & Gas (Holdings) PLC Wressle Update (9061M)
January 17 2023 - 2:00AM
UK Regulatory
TIDMEOG
RNS Number : 9061M
Europa Oil & Gas (Holdings) PLC
17 January 2023
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
17 January 2023
Europa Oil & Gas (Holdings) plc
("Europa" or the "Company")
Wressle Update
Europa Oil & Gas (Holdings) plc, the AIM quoted UK and
Ireland focused oil and gas exploration, development and production
company, notes the positive Wressle production and operational
update published today by Egdon Resources plc ("Egdon").
Wressle - PEDL180/182 (Europa: 30%)
-- Cumulative oil production of more than 341,100 barrels to 12 January 2023, with no water
-- Current daily production rate of approximately 825-850
barrels of oil per day ("bopd"), however, a daily rate of in excess
of 1,000 bopd was achieved in late December 2022 following a four
day shut-down
-- Three microturbines have been delivered to site; installation and commissioning is ongoing
-- The microturbines will generate all site electricity and are
expected to enable up to a 20% uplift in oil production
-- 3D seismic reprocessing completed and new field
interpretation being finalised to confirm final target locations
for future appraisal and development drilling
-- New Competent Persons Report to be commissioned incorporating
the new field interpretation and exceptional production
performance
-- Planning and permitting process for Penistone Flags development has commenced
-- Drilling of a Penistone Flags development well is planned for
H2 2023, subject to receipt of regulatory and planning consents
-- Progressing gas to wire, and gas export options to generate
further revenue streams and to eliminate gas incineration at
Wressle
Simon Oddie, CEO of Europa, commented:
"The Wressle oilfield continues to outperform expectations,
generating high levels of production and revenues. Europa remains
committed to advancing the development plan and consenting process
alongside partners Egdon and Union Jack Oil to enable production
from the Penistone Flags reservoir, whilst planned gas monetisation
solutions will not only enhance production from Wressle and
substantially increase revenues, but also eliminate flaring.
Wressle represents a significant opportunity to generate further
value for our shareholders, and we remain focused on ensuring the
field reaches its full potential."
* * ENDS * *
For further information, please visit www.europaoil.com or
contact:
Simon Oddie / William Europa Oil & Gas (Holdings) mail@europaoil.com
Holland / Murray Johnson plc
Strand Hanson Limited
- Nominated & Financial +44 (0) 20 7409
James Dance / James Spinney Adviser 3494
+44 (0) 20 7186
Peter Krens Tennyson Securities 9033
Patrick d'Ancona / Finlay + 44 (0) 20 7390
Thomson / 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 for the year ending 31 July 2022 was
245 bopd. 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.
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