Business
Spudding of Bilca-2, Romania
Spudding of Bilca-2, Romania.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n Europa Oil & Gas (Holdings) PLC\n24 January 2005\n\n\n\n EUROPA OIL & GAS (HOLDINGS) PLC\n ('EUROPA')\n SPUDDING OF BILCA-2, ROMANIA\n\n 24 January 2005\n\nEuropa Oil & Gas (Holdings) plc, the independent oil & gas exploration and\nproduction group with assets in the UK and continental Europe, today announces\nthe spudding of the Bilca-2 well in northern Romania. The well, situated on the\nBrodina Block, is an appraisal of the western part of the 2004 gas discovery\nwhich flowed in excess of 6mmscfd. If successful, this well will be suspended\nas a future producer and along with Bilca-1 will form the core of a field\ndevelopment programme due to come onstream in late 2005.\n\nPaul Barrett, Managing Director of Europa, said:\n\n'Brodina lies in the prospective Carpathian Oil Province, which spans Poland,\nUkraine and Romania, occupying a key strategic location close to European\nmarkets. We expect to follow Bilca-2 with further exploratory drilling in the\nCarpathians.'\n\n\nFor further information, contact:\n\n\nEuropa Oil & Gas (00 33 563 33 18 97)\nPaul Barrett\n\n\nCitigate Dewe Rogerson (020 7638 9571)\nMartin Jackson / George Cazenove\n\n\nWesthouse Securities LLP (020 7601 6100)\nBill Staple / Tim Feather\n\n\n\nSee also see www.europaoil.com\n\n\nNotes to Editors\n\n\n\nEuropa began trading on the AiM market on 11 November 2004.\n\n\n\nPlacing Statistics\n\n\nPlacing Price per New Ordinary Share 25 pence\nNumber of New Ordinary Shares placed 20,000,000\nTotal Proceeds from the Placing (before expenses) £5 million\nNumber of Ordinary Shares in issue immediately following Admission 60,000,000\nNumber of Warrants in issue immediately following Admission 10,000,000\nMarket Capitalisation following the Placing at the Placing Price £15 million\n\n\n\nProduction\n\n\n\nThree projects are currently in production and a further two are awaiting\ndevelopment. The current attributable production of around 330 boepd is\nforecast by independent consultants, Scott Pickford, to rise to up to 6,000\nboepd by 2007.\n\n\n\nReserves\n\n\n\nScott Pickford has undertaken a review of the oil and gas properties of Europa\nand concluded that the Group holds 2P reserves and contingent resources of 7\nmillion barrels of oil equivalent ('mmboe') and estimated additional unrisked\nprospective resources of 28 mmboe.\n\n\n Summ...