Business
Romania Update - Bacau Licence
Romania Update - Bacau Licence.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \nBacau Licence Update - Lilieci-1\n\nThe Directors of Europa Oil & Gas (Holdings) plc wish to provide an update on\nthe Company's Bacau Licence interest in the Romanian Carpathians. Following\nanalysis of the test results from Lilieci-1, the Directors have decided not to\nparticipate in the development of Lilieci on commercial grounds.\n\nThe consequence of this is that Europa foregoes its 19% working interest in the\nLilieci discovery but retains its interest in the remainder of the block,\ncovering some 1,250km2 and including oil plays in the thrust belt in the\nwestern part of the licence. This area remains underexplored and is likely to\nbenefit from further seismic investigation in 2010. The Operator, based on the\nremaining prospectivity of the licence, has received approval from the JV to\nnegotiate a four year licence extension with the Romanian authorities.\n\nPaul Barrett, Managing Director, said `Our commercial decision to test the\nSarmatian gas play in Lilieci at almost zero cost to Europa was a sound one.\nThe exploration emphasis now moves to the potentially higher impact sub-thrust\nplay in the Romanian Carpathians with the imminent spudding of Voitinel-1.'\n\nFor more information, please contact:\n\nPaul Barrett Europa Oil & Gas +44 1235 553 266\nJonathan Wright Seymour Pierce +44 207 107 0800\n\nThe technical opinions expressed in this press release are the professional\nopinions of Paul Barrett M.Sc., a geologist with 30 years mainstream oil and\ngas experience.\n ","length":1504,"tagName":"div"}]