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Extension of Licence PEDL 181, East Lincolnshire
Extension of Licence PEDL 181, East Lincolnshire.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \n Europa Oil & Gas plc / Index: AIM / Epic: EOG / Sector: Oil & Gas \n\n13 January 2014\n\n Europa Oil & Gas (Holdings) plc (`Europa' or `the Company') \n\n Extension of Licence PEDL 181, East Lincolnshire \n\nEuropa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration,\ndevelopment and production company focused on Europe, is pleased to announce it\nhas received notification from the Department of Energy and Climate Change\n(`DECC') that phase 1 of the PEDL 181 Licence (`the Licence' or `PEDL 181') has\nbeen extended by one year until 30 June 2015. This will enable Europa to drill\nthe 2.9 mmbo Kiln Lane-1 prospect in the second half of 2014. Europa holds a\n50% interest and is operator of PEDL 181 which covers 540 sq km in East\nLincolnshire, a known oil producing region.\n\nOverview:\n\n * PEDL 181 is a large and previously undrilled licence located in a working\n hydrocarbon system where a number of other discoveries have been made in\n adjacent licences\n \n * Kiln Lane-1 is a drillable conventional oil and gas prospect on the PEDL\n 181 Licence area lying 28 km from Europa's producing Crosby Warren oil\n field and is a robust structural closure prospective for Carboniferous\n sandstone reservoirs\n \n * Kiln Lane-1 is estimated to hold gross mean un-risked resources of 2.9 mmbo\n with a 1 in 3 chance of success\n \n * Exploration success at Kiln Lane-1 would substantially de-risk a number of\n leads identified on the Licence\n \n * Well planning and permitting has commenced with a view to drilling in H2\n 2014\n \n * Europa's share of drilling costs is fully funded following the recent\n placing\n \nEuropa's CEO, Hugh Mackay commented, \"Thanks to this licence extension and our\nrecent placing, Europa is funded to drill two onshore UK prospects in 2014 with\ncombined gross prospective resources of 5 mmbo and each with a 1 in 3 chance of\nsuccess. We are particularly excited about Kiln Lane-1. Not only does it have a\nhighly prospective address near to previous discoveries and existing\nproduction, but it is also a potential playmaker which, in the event of\nsuccess, would substantially de-risk a number of additional leads and prospects\nwe have identified on the licence over the last 18 months.\n\n\"With well planning and permitting already underway, we intend to drill Kiln\nLane-1 in H2 201...