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Shareholder Newsletter
Shareholder Newsletter.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \nRNS Number : 3509Z Europa Oil & Gas (Holdings) PLC 14 December 2017 \n\nEuropa Oil & Gas plc / Index: AIM / Epic: EOG / Sector: Oil & Gas\n \n14 December 2017\n \nEuropa Oil & Gas (Holdings) plc ('Europa' or 'the Company')\nShareholder Newsletter\n \nEuropa Oil & Gas (Holdings) PLC is pleased to provide its investors with the following update on its portfolio of multistage licences offshore Ireland and onshore UK. This update is consistent with the content of today's AGM slidepack and available on Europa's website www.europaoil.com:\n \nDear Investor,\n \nIn 2016 Europa had one of its most successful years ever for new ventures. This included being the most successful company in Ireland's Atlantic Margin licensing round landing five new licences and against stiff competition from the majors including Exxon, Statoil, Nexen, Woodside and Cairn. Work doesn't end with licence award. This is when the substantive technical work begins. Europa has a strong technical team and substantial progress has been made across all our Irish licences. Work is focussed on building the prospect portfolio and investing technical work to de-risk the prospects with the intent of generating six drillable prospects by the end of 2018.\n \nYesterday we advised investors that new work on Licensing Option (LO) 16/20 in the Slyne basin next to the Corrib gas field has identified the proven presence of gas. There is a perception amongst some commentators that every basin and prospect in Atlantic Ireland is deep water, high risk frontier exploration. Whilst this is true of some prospects most of our prospects in the Slyne basin are in relatively shallow water (400-600m) and represent lower risk exploration and appraisal close to a producing gas field. In 2010 Shell drilled the 18/20-7 exploration well onto the Corrib North structure in what is now LO 16/20. This well data was recently released into the public domain and having studied the data in detail we believe that the well results are considerably better than the well status of plugged and abandoned with gas shows might suggest. The well penetrated a 70m gas column in the same Triassic sandstone reservoir as the Corrib field and in a separate structure called Corrib North some 7 km from Corrib. The well was terminated in the reservoir meaning th...