Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas
19 June 2014
Europa Oil & Gas (Holdings) plc (`Europa' or `the Company')
Favourable Holmwood Court of Appeal Decision
Europa Oil & Gas (Holdings) plc, the AIM quoted oil and gas exploration and
development company with a combination of producing and exploration assets in
Europe, is pleased to announce that the Court of Appeal has today dismissed an
appeal by the Leith Hill Action Group against the High Court judgment in the
Company's favour, in relation to the drilling of an exploratory well at the
Holmwood prospect (`Holmwood') in the PEDL143 licence in the Weald Basin,
Surrey. Europa holds a 40% interest in PEDL 143 alongside Egdon Resources
(38.4%), Altwood Petroleum (1.6%), and Warwick Energy (20%).
As a result of the Court of Appeal's ruling, the High Court judgment of 25 July
2013, is upheld. Europa's appeal against Surrey County Council's refusal to
grant planning permission to drill one exploratory borehole and undertake a
short term test for conventional hydrocarbons at the Holmwood prospect will
therefore be remitted to the Planning Inspectorate for redetermination. This
may involve a further planning inquiry.
Europa's CEO, Hugh Mackay said, "We are pleased with the Court of Appeal's
decision which upholds last year's favourable High Court ruling. With mean
gross un-risked prospective resources of 5.6 million barrels of oil, as
estimated in a CPR published in June 2012, and a one in three chance of
success, we view Holmwood as being one of the best undrilled conventional
prospects onshore in the UK. Holmwood not only has the potential to materially
add to Europa's existing production from three UK fields, but also to generate
significant tax receipts for the UK government over the life of a well.
"We look forward to restating our case for a temporary exploratory well at
Holmwood later this year, as we look to add to our upcoming onshore UK drilling
programme which includes the 2.1mmboe Wressle prospect in July 2014 and the
2.9mmboe Kiln Lane prospect on PEDL 181 in H2 2014. Along with the imminent
delivery of a prospect inventory arising from our own and Kosmos Energy's
interpretation of the recently acquired 3-D seismic over our two 15% owned
offshore Ireland blocks, there will be no shortage of high impact news flow
over the coming months, as we look to unlock the value within our portfolio of
multistage projects focused on Europe."
* * 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
Henrik Persson finnCap Ltd +44 (0) 20 7220 0500
Frank Buhagiar St Brides Media and Finance Ltd +44 (0) 20 7236 1177
Lottie Brocklehurst St Brides Media and Finance 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 170 boepd in the UK
during the first half of the 2013/2014 financial year, generating sufficient
revenues to cover corporate overheads and some exploration expenditure. Its
highly prospective exploration projects include the Wressle and Kiln Lane
prospects in the UK where wells are due to be drilled this year; 100% owned gas
exploration prospect (416 bcf) and appraisal project (CPR 277 bcf) in onshore
France; and a joint venture with leading independent Kosmos to explore two
licences in offshore Ireland in which Europa had previously identified two
prospects with estimated gross mean un-risked indicative resources of 482
million barrels oil and 1.6 billion barrels oil respectively.
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