Business
Positive CPR for UK and French Assets
Positive CPR for UK and French Assets.
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\n1 June 2012\n\n Europa Oil & Gas (Holdings) plc (`Europa' or `the Company') \n\n Highly Encouraging Competent Person's Report for UK and French Assets \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, is pleased to announce the findings of a recently completed Competent\nPerson's Report (`CPR') by ERC Equipoise Limited. The report highlights the\nprospectivity of Europa's core assets in the UK and France, specifically the\n100% owned Bearn des Gaves permit containing the Berenx Deep and Berenx Shallow\ngas prospects located in the Aquitaine Basin, France.\n\nOverview:\n\n * 50.5 MMboe net mean unrisked resource for all audited UK producing /\n exploration licences and the Berenx Deep discovery in onshore France\n \n * 277 bcf net mean contingent resource for Berenx Deep gas discovery located\n close to giant producing gas fields\n \n * 0.65 MMbbl remaining net 2P oil reserves for three UK onshore producing\n fields - West Firsby, Crosby Warren and Whisby\n \n * 3.7 MMbbl net mean unrisked prospective oil resources for three UK onshore\n prospects - Broughton, Wressle and Holmwood\n \nEuropa's CEO, Hugh Mackay commented, \"I am delighted to have received this\nindependent assessment of Europa's UK and French licences which supports our\nview that our UK exploration assets, including Wressle, Broughton and Holmwood\neach have the potential to create significant value for shareholders, while\nBerenx in France could be the company maker we believe it is.\n\n\"At 50.5 MMboe the CPR's estimate of our core recoverable reserves and\npotential resources provides a solid asset backing to our current market\nvaluation and will also play a key role in our ongoing negotiations with\npotential partners, specifically regarding our French permits. In the meantime,\nwe remain on track to participate in the drilling of the Wressle prospect in\nthe UK later this year which we rate as having a one in three chance of\nmaterially adding to our current production of 200 bopd.\"\n\nNet Oil Reserves\n\n Licence Name Interest 1P 2P 3P Mean \n \n MMbbl MMbbl MMbbl MMbbl \n \nDL003 West Firsby 100% 0.14 0.39 0.75 0.43\n \nDL001 Crosby Warr...