Business
Costisa - 1z Well
Costisa - 1z Well.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n Europa Oil & Gas (Holdings) PLC\n06 December 2005\n\n\n\n EUROPA OIL & GAS (HOLDINGS) PLC\n\n COSTISA -1Z WELL\n\n\nThe Directors of Europa Oil & Gas (Holdings) plc ('Europa' or the 'Company')\nannounce that the Costisa-1z exploration well, located in the EPI-3 Brates block\nin Romania, has reached a final total depth of 4,350 metres in a Cretaceous\nlimestone sequence. The well's primary objective, a Badenian infra-anhydrite\nsandstone interval, was not encountered by the wellbore. Due to poor borehole\nconditions, a final logging programme was not undertaken.\n\nHowever, significant gas shows were encountered in Burdigalian sandstones, a\nsecondary target, between 1,034 and 1,059 metres. These gas shows coincide with\nthe upper 25 metres of a 40 metre thick sandstone and shale sequence. Due to\nlikely formation damage and the large borehole size, a test of this interval in\nthe current borehole is not considered optimal.\n\nEuropa, which currently has a 15 per cent. interest in the licence, has\nexercised its right to request the Operator to suspend the well for future\nre-entry and sidetrack in order to test the Burdigalian sandstone interval.\nSubject to agreement with partners and government approval, Europa intends to\nincrease its interest in the licence and assume Operatorship for the appraisal\nphase.\n\nPaul Barrett, Managing Director of Europa, said:\n\n'The Burdigalian gas shows look very promising and we are looking forward to\nproperly appraising these sands which have the potential to be a significant\naddition to our existing gas development portfolio in Romania.'\n\n\nEnquiries:\n\nEuropa Oil & Gas (00 33 563 33 18 97)\nPaul Barrett\n\nWesthouse Securities LLP (0161 838 9140)\nTim Feather\n\nCitigate Dewe Rogerson (020 7638 9571)\nMartin Jackson\n\n\nAlso see www.europaoil.com\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2074,"tagName":"div"}]