Business
Bilca Gasfield Production Onstream
Bilca Gasfield Production Onstream.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \nFor immediate release: 28 September 2006\n\n Europa Oil & Gas (Holdings) plc \n\n Bilca Gasfield Production Onstream \n\nThe Directors of Europa Oil & Gas (Holdings) plc (AIM:EOG), the Europe and\nNorth Africa-focussed production and exploration company, are pleased to\nannounce that the Romanian authorities have issued the production licence for\nthe Bilca Gasfield facility, northern Romania, where Europa has a 28.75%\nworking interest.\n\nProduction at the Bilca Gasfield facility commenced on 27 September 2006, only\n28 months after discovery of the field. The Bilca-1 discovery well was drilled\nby Europa and its partners (see below) in May 2004 and flowed at a rate of 6.3\nMMscf/d (c.1050 boepd). This was closely followed by the successful Bilca-2\nappraisal well in February 2005 and the Fratauti-1 discovery well in April\n2005. The Fratauti well flowed at 12.7 MMscf/d (c.2120 boepd) on test and the\nBilca-2 well was tested in July 2006 at a comparable rate to the Bilca-1 well.\nThe Bilca Gasfield facilities are designed to produce gas from the Bilca and\nFratauti gas fields.\n\nThe October 2006 contract for gas sales is set at 7 MMscf/d, approximately 1030\nboepd. The Bilca and Fratauti gas fields will be monitored for the first six\nmonths at this rate for reservoir performance. The Bilca Gasfield facility is\ncapable of producing at a rate of 10 MMscf/d. Gas production will be increased\nat the end of the monitoring period if this planned production rate is\nachievable.\n\nThe net production to Europa is 1.78 MMscf/d, approximately 300 boepd. This\nwill bring Europa's daily production to over 500 boepd, an increase of 130%.\n\nPaul Barrett, Managing Director of Europa Oil & Gas said:\n\n`This marks a significant increase in the Company's production and the increase\nin revenue will flow through to the 2007 drilling programme where we have\nseveral wells scheduled for Romania. Romania has one of the most prolific\nonshore petroleum provinces in Western Europe and we anticipate that further\nsuccesses will be forthcoming in this region. In addition, the country has just\nbeen approved to join the EU in January 2007 which we expect to have a strong\npositive effect on gas prices in the near future.\"\n\nEuropa's partners in the Bilca Development are:\n\nFalcon Oil & Gas srl (a subsidiary of Aurelian Oil &...