Business
New Exploration Acreage - France
New Exploration Acreage - France.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \nFor immediate release: 14 September 2006\n\n Europa Oil & Gas (Holdings) plc \n\n New Exploration Acreage - France \n\nThe Directors of Europa Oil & Gas (Holdings) plc, the production and\nexploration company, are pleased to announce that its application for an\nexploration permit in the Aquitaine Basin of southwest France, the Béarn des\nGaves permit, has now passed the 90 day period allowed for competitive bids.\nThe exclusive award of the exploration licence to Europa is now subject to\ngovernment approval and is expected early in 2007.\n\nThe application, which covers an area of 928 km2, lies immediately west of the\nLacq and Meillon Gasfields, the discoveries that made Elf Aquitaine over 50\nyears ago, which contain combined estimated initial recoverable gas reserves of\n12 trillion cubic feet. Europa plans to investigate the western continuation of\nthe Lacq play, evidence for this coming from a gas discovery in the permit area\nat Berenx. In addition, there is potential for oil accumulations in the\nnorthern part of the permit area.\n\nThe vast majority of wells drilled in the area were drilled in the 1950's and\n1960's and were based on now obsolete exploration concepts. Modern exploration\nmethods will greatly improve the chances of finding significant hydrocarbon\nreserves in an area close to markets and with a well-developed infrastructure.\n\nPaul Barrett, Managing Director, said \"With this award, we will have the\npotential for substantial gas reserves in an area of onshore western Europe.\nProximity to existing processing and export infrastructure would allow a short\nlag time between discovery and cashflow. We are looking forward to working this\nacreage with great anticipation\".\n\nAbout Europa Oil & Gas (Holdings) plc\n\nEuropa Oil & Gas (Holdings) plc - AIM: EOG - focuses on the production and\nexploration of hydrocarbons in Europe and North Africa. It currently produces\n210 barrels of oil per day from UK onshore fields and 25 barrels of oil\nequivalent from the Ukraine. Production will rise significantly after its\nRomanian Bilca Gas Project comes onstream in September 2006. Operating a\nbalanced portfolio, Europa currently has field appraisal activity on projects\nin the UK Southern Gas Basin and onshore Romania and exploration activity on a\nfurther eight licences across the Europe -...