Business
Hykeham Drilling Update
Hykeham Drilling Update.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \nEuropa Oil & Gas (Holdings) plc\n\nHYKEHAM-1 DRILLING\n\nThe Directors of Europa Oil & Gas (Holdings) plc are pleased to announce that\ndrilling the main section of the Hykeham-1 exploration well, situated on the\nPEDL150 licence near Lincoln, has commenced. The BDF28 rig was mobilized to the\nsite on the 9th November and the well is testing the potential for up to 20\nmillion barrels of oil in place in two target horizons. The anticipated final\nTD of just over 1,000m is expected to be reached by early December.\n\nHykeham is a low risk prospect situated in the main producing fairway of the\nEast Midlands Petroleum Province. It is one of several leads and prospects\nidentified on the PEDL150 licence each with similar risk/reward profiles.\nAcross the East Midlands Petroleum Province, Europa has a significant high\nquality exploration holding of over 100,000 net acres containing 12 identified\nleads and prospects with gross unrisked potential for over 350 million barrels\nof oil in place.\n\nSuccess at Hykeham will significantly increase Europa's oil production levels\nand more than double group 2P reserves. The East Midlands remains relatively\nunderexplored, with a low exploration drilling density despite the cumulative\nproduction of 75 million barrels of oil to date. This makes it an attractive\narea to explore for further oil, with crude sold locally at close to Brent\nprices, developments coming quickly into production and a corporation tax\nburden of only 60% of that on existing UK production.\n\nPaul Barrett, Managing Director of Europa, said `We regard the East Midlands as\na key core area for Europa due to a combination of technical and commercial\npositives. Success at Hykeham will create a step change for the Company and be\na driver for both further potential reserves growth and stronger profits in\n2010'.\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 ","length":1989,"tagName":"div"}]