Business
Drilling plans update
Drilling plans update.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \nUpdate on Hykeham-1 drilling\n\nThe Directors of Europa Oil & Gas (Holdings) plc are pleased to provide an\nupdate on the drilling plans for the main section of the Hykeham-1 exploration\nwell, located in the PEDL150 licence in Lincolnshire.\n\nEuropa has signed a contract agreement with British Drilling and Freezing (BDF)\nfor Rig 28 to drill the main section of Hykeham-1. It is anticipated that the\nwell will commence drilling in late 2009 after the rig's next drilling\ncampaign.\n\nHykeham is a well-defined prospect with clear four-way dip closure and a common\nspillpoint with the Whisby Oilfield, 1.5km to the northwest. The nearby\nCaledonian Farm well encountered good oil shows in a 10m thick channel\nsandstone reservoir, significantly thicker than that seen in the Whisby\nOilfield. The target is at a depth of c.1000m and the well is anticipated to\ntake 15-20 days to drill. The well is targeting 10 million barrels of oil in\nplace and is given an in-house risk assessment of a 1 in 3 chance of success.\nEuropa holds a 75% interest in the PEDL 150 licence, which also includes the\nWest Whisby Prospect.\n\nPaul Barrett, Managing director of Europa, said `We are very excited about\ndrilling this well and regard it as having a very good chance of containing\ncommercial hydrocarbons If successful, this well will double our reserves base\nand can be in production and generating revenue in a very short time.'\n\nFor further information, please contact:\n\nPaul Barrett Europa Oil & Gas +44 1235 553 266\nJonathan Wright Seymour Pierce +44 20 7107 8000\n\nThe technical information and opinions contained in this announcement have been\nreviewed by Dr. Erika Syba, Europa's Operations Director, who has 25 years of\nexperience in the oil exploration and production industry. She has consented to\nthe inclusion herein of such technical information and opinions.\n ","length":1875,"tagName":"div"}]