Business
Egypt Update
Egypt Update.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \nEgypt Update\n\nThe Directors of Europa Oil & Gas (Holdings) plc (`Europa') are pleased to\nannounce that the Egyptian General Petroleum Corporation (`EGPC') have granted\nEuropa a six month extension on the first phase of the West Darag Concession in\norder to permit the acquisition of approximately 350km of 2D seismic data prior\nto making the decision to enter into Phase 2 of the Concession.\n\nEuropa, along with its partner Solaris Energy plc, has identified several\nstructural leads each with reserves potential of 15 - 35mmbo recoverable in the\nSukhna area of the concession. Sukhna is a coastal plain where the Gulf of Suez\n(`GOS') rift comes onshore and its proven petroleum system is indicated to\nextend into the area of these mapped leads. The GOS, despite its small overall\nsize, is an extraordinarily prolific petroleum system, having produced over 5\nbillion barrels to date.\n\nAlthough Europa has made significant progress with the existing seismic data,\nit has been unable to reprocess the existing seismic as planned due to\ndegradation of the original tape records and has decided to progress directly\nto seismic acquisition with the objective of firming up drillable targets. The\npreferred contractor for this new seismic acquisition has indicated its\navailability to undertake the survey in July. The cost of the survey, detailed\nin the winning tender, will for the most part be covered by the existing letter\nof guarantee that Europa provided in favour of EGPC.\n\nPaul Barrett, Managing Director, said `We are grateful to EGPC for\nunderstanding the problems we have had with the existing seismic records and\nallowing this extension to Phase 1. It gives us a great opportunity to develop\na drillable onshore prospect in a known oil basin with excellent local\ninfrastructure. We are looking forward to utilising these new data to define a\ndrilling location to allow us to commit to Phase 2 and to drill in 2010'.\n\nFor further information, please contact;\n\nPaul Barrett Europa Oil & Gas (Holdings) plc 01235 553 266\nJonathan Wright Seymour Pierce 0207 107 8050\n\nwww.europaoil.com\n ","length":2115,"tagName":"div"}]