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Extension of PEDL 343 Licence (Cloughton)
Extension of PEDL 343 Licence (Cloughton).
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n\n \nEuropa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas\n \n14 February 2024\n \nEuropa Oil & Gas (Holdings) plc\n(\"Europa\" or the \"Company\")\n \nExtension of PEDL 343 Licence (Cloughton)\n \nEuropa Oil & Gas (Holdings) plc, the AIM quoted UK, Ireland and West Africa focused oil and gas exploration, development and production company, is pleased to announce an extension to licence PEDL 343 located in the East Midlands of the UK, which contains the Cloughton gas discovery. Europa is operator of the licence with a 40% interest.\n \nThe North Sea Transition Authority (\"NSTA\") notified Europa that it has agreed to a two-year extension of the Initial Term to 20 July 2026 and a two-year extension of the Second Term to 20 July 2028 for PEDL 343. The extension will enable the Company to continue its ongoing work on the licence, where Europa estimates Cloughton to have Pmean gross gas initially in place (GIIP) volumes of 192 BCF. The discovery well at PEDL 343 (Cloughton) flowed good quality sweet gas at rates of up to 40,000 scf/day on natural flow, and the Company believes that a well could flow at 6 mmscf/day using the correct completion techniques.\n \nEuropa will continue to engage with its various stakeholders required to obtain the necessary permits and consents needed to drill an appraisal well in order to demonstrate the productivity of the field.\n \nWill Holland, Chief Executive Officer of Europa, said:\n \n\"We are delighted that the NSTA has granted a two-year extension to PEDL 343 as it allows us to continue to progress the material Cloughton gas discovery towards commercialisation. We will update the market as we reach further milestones\".\n \n* * ENDS * *\n \nFor further information, please visit www.europaoil.com or contact:\n\n\n\n\nWilliam Holland / Louise Armstrong\n\n\nEuropa Oil & Gas (Holdings) plc\n\n\[email protected]\n\n\n\n\nJames Dance / James Spinney / Rob Patrick\n\n\nStrand Hanson Limited - Nominated & Financial Adviser\n\n\n+44 (0) 20 7409 3494\n\n\n\n\nPeter Krens\n\n\nTennyson Securities\n\n\n+44 (0) 20 7186 9033\n\n\n\n\nPatrick d'Ancona / Finlay Thomson / Kendall Hill\n\n\nVigo Consulting\n\n\n+ 44 (0) 20 7390 023...