Business
Key Projects Update
Key Projects Update.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \nKey Projects Update\n\nSummary\n\nThe Directors of Europa Oil & Gas (Holdings) plc are pleased to provide a brief\nupdate on several of the Company's key projects:\n\n * Progress has been made in quantifying the reserves potential in Voitinel\n (Romania);\n \n * Initial mapping of the Berenx structure (France) confirms its potential for\n gas reserves in excess of 1TCF;\n \n * The well workover programme is complete on the UK producing assets and\n subsurface work on the West Firsby Field has identified potential for a\n significant increase in reserves.\n \nRomania\n\nThe Voitinel discovery in Romania is likely to benefit from an appraisal well\nin early 2011. Current estimates of gas-in-place range from 250 to 410bcf\nacross the `Greater Voitinel' area, equating to up to 250 bcf recoverable (70\nbcf net). The Paltinu-103 well on the edge of Solca drilled by Romgaz produced\ngas on extended test at rates of 5 mmscfpd. This provides confidence that both\ngas and reservoir sands are developed in the undrilled Solca part of the\n`Greater Voitinel' play.\n\nThe Barchiz exploration well, targeting a structure immediately to the north of\nthe prolific thrust belt oil play trend, is anticipated to spud in Q4 2010.\nBarchiz is the Company's first thrust belt oil play well which remains poorly\nexplored despite having yielded over 5 billion barrels along trend. The Barchiz\nstructure has the reserves potential for up to 30 mmbo gross (6 mmbo net) and\nis one of several similar structures identified in the Brates block.\n\nThe 2010 seismic programme is nearing completion, having acquired new data over\nthe thrust belt oil play as well as infill data to better define well locations\nfor Voitinel-Solca appraisal and development.\n\nFrance\n\nThe focus of attention is the Berenx structure, where gas was proven in 1969\nbut was not tested. An initial analysis of the recently available 3D seismic\nsurvey over Berenx supports the conclusion that the original wells drilled the\nwestern edge of a structure with potential for in excess of 1TCF of recoverable\nreserves. The combination of proven gas and substantial reserves potential\nclose to existing infrastructure at the Lacq Field makes for a compelling\ninvestment proposition and drilling success would have a transformational\nimpact on the Company. Detailed mapping is now being unde...