Business
Hykeham-1 Further Update
Hykeham-1 Further Update.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \nHykeham-1 Further Update\n\nThe Directors of Europa Oil & Gas (Holdings) plc wish to provide more\ninformation regarding the results of the Hykeham-1Z well. Following on from the\nupdate issued on the 4th December, the well is now cased and cemented and the\nrig is being demobilized from the site.\n\nIndependent wireline log analysis identified 4 net metres of oil-saturated\nBasal Sandstone with approximately 16% porosity and 60% oil saturation. This\nunit is the same as that encountered in the Whisby Field wells, some 1.5km to\nthe northwest of Hykeham. In addition to this Whisby equivalent sand, the log\nanalysis indicated an additional potential 4.4m of pay in sands above this\nunit.\n\nThe Whisby Field as a whole, where the Basal Sandstone average thickness is\nless than 4m, has produced approximately 700,000bbls to date from 3 wells, a\ntotal revenue of $50million at today's oil price. As profits from Hykeham are\nnot expected to be liable for the 20% supplementary tax charge, the development\nhas a significantly higher post-tax value per barrel.\n\nThe forward programme is to perforate the lower 4m pay interval and flow test\nthis into temporary production facilities for up to 6 months (subject to\nrelevant approvals). This will be achieved without the need for a rig and\nproduction will be exported to the refinery via Europa's existing facilities.\n\nPaul Barrett, Managing Director of Europa, said `An extended welltest, expected\nto commence in January, will not only provide valuable reservoir information\nbut generate early revenues from the project.'\n\nFor further information, please contact:\n\nPaul Barrett Europa Oil & Gas +44 1235 553 266\n\nJonathan Wright Seymour Pierce +44 20 7107 8000\n\nThe technical information and opinions contained in this announcement have been\nreviewed by Dr. Erika Syba, Europa's Operations Director, who has 25 years of\nexperience in the oil exploration and production industry. She has consented to\nthe inclusion herein of such technical information and opinions.\n ","length":2029,"tagName":"div"}]