Business
Reserves Upgrade
Reserves Upgrade.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n Europa Oil & Gas (Holdings) PLC\n24 November 2005\n\n\n\n EUROPA OIL & GAS (HOLDINGS) PLC\n\n RESERVES UPGRADE\n\nFollowing a review of projects coinciding with the finalisation of the annual\nreport and accounts for the year ended 31 July 2005, the Directors of Europa Oil\n& Gas (Holdings) plc ('Europa' or the 'Company') are pleased to announce a\nreserves upgrade.\n\n1P (Proven) Reserves\n\nOn 28 September 2004, Scott Pickford Limited ('SPL'), the independent\nconsultants, assessed Europa's net 1P reserves at 0.369 million barrels of oil\nequivalent ('mmboe'), primarily from the UK producing properties.\n\nSince that evaluation, an estimated 0.369 mmboe, net to Europa, has been added\nto 1P reserves in respect of the Romanian government-approved Bilca Development\nPlan. Also since that assessment, Europa has produced 92,000 barrels of oil\nfrom the UK and a further 13,000 barrels of oil equivalent of gas from Ukraine.\n\nTaking into account the Bilca addition and other minor adjustments, the\nresultant 1P net reserves figure is 0.656 mmboe, an increase of 78 per cent.\n\n2P (Proven and Probable) Reserves\n\nSPL estimated Europa's 2P reserves to be 1.204 mmboe as at 28 September 2004.\n\nSince that time, an estimated 0.671 mmboe has been added to 2P reserves. This\nis based on in-house estimates from appraisal well results in Romania earlier in\n2005. The addition is, to a large extent, offset by a reduction in 2P reserves\nattributable to the West Firsby field, due to the continuing uncertainties with\nthe WF-8 well. The Directors are hopeful that the well can be restored to\ncommercial production and the reserves reinstated in the future. 2P net\nreserves are estimated to be 1.242 mmboe.\n\n3P (Proven, Probable and Possible) Reserves\n\nSPL estimated Europa's 3P reserves to be 1.651 mmboe as at 28 September 2004.\n\nThere is a significant increase in 3P reserves, primarily as a result of the\nFratauti-1 well, which proved three gas sands compared to one at Bilca,\ndemonstrating significant upside in the Bilca play. 3P net reserves are\nestimated at 2.99 mmboe, an increase of 81 per cent.\n\nContingent and Prospective Resources\n\nSPL estimated that Europa held contingent resources of up to 12.70 mmboe on 28\nSeptember 2004. Due to the upgrade of the Bilca volumes to reserves status,\ncontingent resources are no...