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Favourable Holmwood Court of Appeal Decision
Favourable Holmwood Court of Appeal Decision.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \n Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas \n\n19 June 2014\n\n Europa Oil & Gas (Holdings) plc (`Europa' or `the Company') \n\n Favourable Holmwood Court of Appeal Decision \n\nEuropa Oil & Gas (Holdings) plc, the AIM quoted oil and gas exploration and\ndevelopment company with a combination of producing and exploration assets in\nEurope, is pleased to announce that the Court of Appeal has today dismissed an\nappeal by the Leith Hill Action Group against the High Court judgment in the\nCompany's favour, in relation to the drilling of an exploratory well at the\nHolmwood prospect (`Holmwood') in the PEDL143 licence in the Weald Basin,\nSurrey. Europa holds a 40% interest in PEDL 143 alongside Egdon Resources\n(38.4%), Altwood Petroleum (1.6%), and Warwick Energy (20%).\n\nAs a result of the Court of Appeal's ruling, the High Court judgment of 25 July\n2013, is upheld. Europa's appeal against Surrey County Council's refusal to\ngrant planning permission to drill one exploratory borehole and undertake a\nshort term test for conventional hydrocarbons at the Holmwood prospect will\ntherefore be remitted to the Planning Inspectorate for redetermination. This\nmay involve a further planning inquiry.\n\nEuropa's CEO, Hugh Mackay said, \"We are pleased with the Court of Appeal's\ndecision which upholds last year's favourable High Court ruling. With mean\ngross un-risked prospective resources of 5.6 million barrels of oil, as\nestimated in a CPR published in June 2012, and a one in three chance of\nsuccess, we view Holmwood as being one of the best undrilled conventional\nprospects onshore in the UK. Holmwood not only has the potential to materially\nadd to Europa's existing production from three UK fields, but also to generate\nsignificant tax receipts for the UK government over the life of a well.\n\n\"We look forward to restating our case for a temporary exploratory well at\nHolmwood later this year, as we look to add to our upcoming onshore UK drilling\nprogramme which includes the 2.1mmboe Wressle prospect in July 2014 and the\n2.9mmboe Kiln Lane prospect on PEDL 181 in H2 2014. Along with the imminent\ndelivery of a prospect inventory arising from our own and Kosmos Energy's\ninterpretation of the recently acquired 3-D seismic over our two 15% owned\noffshore Ireland blocks, t...