Business
Award of Licence
Award of Licence.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \n Europa Oil & Gas (Holdings) plc \n\n Award of Exploration Permit \n\nThe Directors of Europa Oil & Gas (Holdings) plc (\"Europa\"), the production and\nexploration company, are pleased to announce that the Company has been informed\nby the French Government that the exclusive award of the Tarbes - Val d'Adour\nPermit to Europa will be completed in January 2008. The licence lies in the\neastern part of the Aquitaine Basin, the main hydrocarbon producing basin in\nFrance.\n\nThe permit is situated within the oil producing part of the basin, adjacent to\nthe producing Castera-Lou and Lagrave Fields, with a combined total production\nto date of 22 million barrels of oil. The licence contains the Jacque and\nOsmets oil fields, which produced light oil until 1986, when the oil price fell\nto around $10 per barrel and the fields were shut-in. The initial flow rate\nfrom wells on these fields was up to 700 barrels of oil per day and the\nconclusion of a preliminary review indicates that the fields contain\nundeveloped reserves. Europa will conduct a full review of these two fields for\npossible redevelopment and assess the remaining exploration potential of the\nlicence area.\n\nPaul Barrett, Managing Director, said \"This permit, containing potential\noilfield redevelopment candidates, is a perfect complement to our existing\nexploration licence in the Aquitaine Basin, the Béarn des Gaves permit, where\nthe hydrocarbon play is for large gas accumulations. Given the current oil\nprice, we feel the Aquitaine Basin has significant potential for a commercial\nrenaissance and Europa has now secured a very attractive acreage position in\nthe basin.\"\n\nFor more information please visit www.europaoil.com\n\nFor further information, contact:\n\nPaul Barrett, Managing Director, Europa Oil & Gas +44 1235 553266\n\nJonathan Wright or Parimal Kumar, Seymour Pierce +44 20 7107 8000\n ","length":1984,"tagName":"div"}]