Wressle Update

RNS Number : 1652N

Europa Oil & Gas (Holdings) PLC

30 May 2022

 

 Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas

30^th May 2022

Europa Oil & Gas (Holdings) plc

("Europa" or "the Company")

Wressle Update

Europa Oil & Gas (Holdings) plc, the AIM traded UK, Ireland and Morocco focused oil and gas exploration, development, and production company, notes the update by Operator Egdon Resources U.K. Limited ("Egdon") which announces that the North Sea Transition Authority ("NSTA") has approved the Field Development Plan for the Wressle oilfield in North Lincolnshire, held under licences PEDL180 and PEDL182 (the "Licences"), where Europa holds a 30% interest.

The NSTA has also approved the Licences entering their production phase, which will continue through to 2039.

Simon Oddie, CEO, said :

"The NSTA's approval of the Field Development Plan ensures the Wressle project remains on track to transition from an extended well test to production. Wressle continues to exceed our expectations, generating high levels of production and revenues, with the Wressle-1 well currently amongst the most productive in the onshore UK, producing over 170,000 barrels of oil to date.

Our next steps involve advancing the development plan and consenting process to enable production from the Penistone Flags reservoir where gross Mid-case Contingent Resources of 1.53 million barrels of oil and 2 billion cubic feet of gas have been independently reported, in addition to progressing gas monetisation and continuing to optimise oil and gas production from the Ashover Grit reservoir.

Leveraging the knowhow and experience of our technical team, we are committed to capitalising on the significant opportunities that exist at the field, alongside our joint venture partners Egdon and Union Jack Oil."

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

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For further information please visit www.europaoil.com or contact:

Simon Oddie	Europa	[e-mail]
Murray Johnson	Europa	[e-mail]
Christopher Raggett	finnCap Ltd	+ 44 (0) 20 7220 0500
Simon Hicks	finnCap Ltd	+ 44 (0) 20 7220 0500
Peter Krens	Tennyson Securities	[phone]
Patrick d'Ancona	Vigo Consulting	+ 44 (0) 20 7390 0230
Finlay Thomson	Vigo Consulting	+ 44 (0) 20 7390 0230
Kendall Hill	Vigo Consulting	+ 44 (0) 20 7390 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 31st January 2022 was 208 boepd. The Company holds two exploration licences offshore Ireland, which have 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.  

 

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