Business
Egypt License Award
Egypt License Award.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \nFor immediate release:\n\n Europa Oil & Gas (Holdings) plc \n\n Egypt Licence Award \n\nThe Board of Europa Oil & Gas (Holdings) plc - AIM: EOG - the hydrocarbon\nproduction and exploration company, is very pleased to announce that Europa has\nbeen offered the West Darag exploration concession by the Egyptian General\nPetroleum Corporation (`EGPC') as a result of an application in the EGPC 2005\nbidding round. The award is subject to government approvals and execution of a\nProduction Sharing Agreement (`PSA') with EGPC.\n\nThe concession covers a large under-explored onshore area in excess of 5,300\nkm2 (1.3 million acres or the equivalent of 25 UK North Sea blocks). It lies on\nthe northwestern margin of the Gulf of Suez and has a Mesozoic sequence similar\nto that in the prolific Egyptian Western Desert oil province.\n\nSaharan Africa, with resources of over 160 billion barrels equivalent, half of\nthis in Mesozoic basins, is becoming vital to the European oil and gas markets.\nEgypt in particular had 36 oil and gas discoveries in 2005 alone and continues\nto deliver exploration success in both new and established plays.\n\nPaul Barrett, Managing Director, said, \"This is a highly significant award for\nEuropa and part of our new venture programme across Saharan North Africa,\ncoming quickly on the heels of two very large licence awards in Western Sahara.\n\nWe look forward to exploring West Darag and will release a more detailed\ntechnical review of the concession area once the PSA is signed.\"\n\nAbout Europa Oil & Gas (Holdings) plc\n\nEuropa Oil & Gas (Holdings) plc - AIM: EOG - focuses on the production and\nexploration of hydrocarbons in Europe and North Africa. It currently produces\n210 barrels of oil per day from UK onshore fields and 25 barrels of oil\nequivalent from the Ukraine. Production is expected to rise significantly after\nits Romanian Bilca Gas Project comes onstream later this year. Operating a\nbalanced portfolio, Europa currently has field appraisal activity on projects\nin the UK Southern Gas Basin and onshore Romania and exploration activity on a\nfurther eight licences across the Europe - North Africa region. For more\ninformation please visit www.europaoil.com.\n\nFurther information:\n\nPaul Barrett, Managing Director, Europa Oil & Gas (Holdings) plc +33 5 63 33 18\n97\n\nJ...