Business
Romania Resources Update
Romania Resources Update.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \n24 February 2010\n\nVoitinel area potential resource upgraded to 400bcf\n\nThe Directors of Europa Oil & Gas (Holdings) plc are pleased to report that the\nAurelian Oil & Gas plc, Operator of the Brodina Block, northern Romania, have\ntoday provided a market update on operations and resource potential for the\nVoitinel trend.\n\nAdditional information provided by Romgaz on recent drilling results at Paltinu\nconfirms that the gas fairway tested in Voitinel-1 extends at least 20km along\ntrend to the southeast from the well and encompasses the undrilled Solca\nstructure. As a consequence of these drilling results, Aurelian has upgraded\nthe potential gas-in-place along the Voitinel-Solca trend from previous\nestimates of 50-100bcf to 400bcf on-block.\n\nIn April, a fracture stimulation of the zone in Voitinel-1 that flowed 3mmscfpd\ndry gas will be followed by the testing of a second zone. In parallel, Romgaz\nwill be testing the Paltinu-102 well. Further appraisal drilling on Voitinel is\nanticipated later in 2010.\n\nPaul Barrett, Managing Director of Europa, said \"This upgrade reaffirms the\nsignificant resource potential in the central part of the Brodina Block as\ninitially indicated by Voitinel-1. Further testing work in April will go a long\nway to allowing these gas volumes to be booked as a significant Contingent\nResource in an EU jurisdiction close to infrastructure. Europa's 28.75% working\ninterest in Brodina therefore has the near-term potential to become an\nextremely valuable asset for the Company.\"\n\nFurther information is included in Aurelian's RNS of today's date.\n\nFor further information, please contact:\n\nPaul Barrett Europa Oil & Gas +44 1235 553 266\nJonathan Wright Seymour Pierce +44 20 7107 8000\n ","length":1749,"tagName":"div"}]