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Planning Application Granted to Drill Well Onsh...
Planning Application Granted to Drill Well Onsh....
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\n24 June 2013\n\n Europa Oil & Gas (Holdings) plc (`Europa' or `the Company') \n\n Planning Application Granted to Drill Wressle-1 Well Onshore UK \n\nEuropa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration and\ndevelopment company with a combination of producing and exploration assets in\nEurope, announces that Egdon Resources plc (`Egdon'), the operator of Licence\nPEDL 180, has received planning approval from North Lincolnshire Council\nto drill an exploratory borehole on Licence PEDL 180 targeting the Wressle\nprospect in onshore UK in the second half of 2013. Europa has a 33.34% working\ninterest in the block, alongside Celtique Energie Petroleum Ltd (33.33%), Egdon\n(25% interest and operator) and Union Jack Oil plc (8.33%).\n\nPEDL180 covers an area of 100 km2 on the western margin of the Humber Basin in\nthe East Midlands Petroleum Province. The Wressle-1 well will target the highly\npetroliferous Brigg Broughton anticline trending WNW through PEDLs 180, 182 and\n241. Several oil discoveries have been made along this trend at Brigg,\nBroughton and Glanford and it also includes the Crosby Warren oil field\noperated by Europa. The operator estimates Wressle holds mean gross unrisked\nprospective resources of 2.1 million barrels of oil.\n\nDrilling operations at Wressle are expected to commence in the second half of\n2013. The well is targeting multiple prospective sandstone reservoirs in a\nstructurally favourable position near the crest of the Wressle structure within\nthe Upper Carboniferous and will be drilled as a deviated well to a total depth\nof about 2,300 metres with a maximum offset of approximately 1,250 metres.\n\nEuropa's CEO Hugh Mackay said: \"Wressle-1 is the first of up to five wells to\nbe drilled across our asset base over the next eighteen months, each of which\nhas the potential to transform our existing production profile and reserves.\nWith mean gross un-risked prospective resources of 2. 1 mmbo, Wressle is small\ncompared to our Mullen and Kiernan prospects in the South Porcupine Basin,\noffshore Ireland, and Berenx, the deep gas appraisal project in onshore France.\nNevertheless, drilling success at Wressle would generate considerable near term\ncash flow that we would reinvest into...