Business
Commencement of Drilling onshore UK & Opera...
Commencement of Drilling onshore UK & Opera....
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \n Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas \n\n21 July 2014\n\n Europa Oil & Gas (Holdings) plc (`Europa' or `the Company') \n\n Commencement of Drilling at Wressle Prospect, onshore UK & \n\n Operations Update \n\nEuropa Oil & Gas (Holdings) plc, the AIM quoted oil and gas exploration and\ndevelopment company with a combination of producing and exploration assets in\nEurope, is pleased to announce that it has been notified by Egdon Resources\n(`Egdon' or the `Operator'), the operator of Licence PEDL 180 in Lincolnshire\n(`PEDL 180' or the `Licence'), that the Wressle-1 conventional exploration well\nspudded on 19 July 2014. Egdon estimates Wressle has mean gross un-risked\nrecoverable resources of 2.1mmbo. Europa has a 33.3% working interest in PEDL\n180 with its partners Egdon (operator, 25%), Celtique Energie Petroleum Ltd\n(33.3%) and Union Jack Oil (8.3%).\n\nWressle is a conventional hydrocarbon prospect located in the East Midlands\nPetroleum Province, 5 km southeast of and along the same structural trend as\nthe Europa operated, Crosby Warren field which has been producing for almost 28\nyears. As a result, Europa rates Wressle as a relatively low risk well with a\none in three chance of success. The Operator anticipates drilling operations\nwill take 38 days. The planned well will be drilled as a deviated well to a\ntotal depth of approximately 2300m (ca. 1,850 metres TVDSS). Europa expects the\nwell results to become known towards the end of August 2014 and in the event of\nexploration success the intention will be to put Wressle on an extended well\ntest.\n\nOffshore Ireland\n\nThe Directors are encouraged by what they have seen on the 3D seismic acquired\nin H2 2013 over prospects in Europa's two licences in the South Porcupine\nBasin. The Operator, Kosmos, has recently advised the Company that a new\nprospect inventory will be delivered in Q4 2014 after which management intends\nto issue a CPR for the Irish prospects also in Q4 2014. The guidance received\nfrom the Operator remains that a first well offshore Ireland could be spudded\nin 2015 or 2016.\n\nNew Ventures\n\nThe Company intends to add to its pipeline of prospects through participation\nin the recently announced 2015 Atlantic Margin Oil and Gas Licensing Round in\nIreland and in the UK's upcoming ...