Business
Update on UK Production and Romanian Interests
Update on UK Production and Romanian Interests.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \n Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas \n\n20 January 2012\n\n Europa Oil & Gas (Holdings) plc (`Europa' or `the Company') \n\n Update on UK Production and Romanian Interests \n\nEuropa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration and\ndevelopment company with a combination of producing and exploration assets in\nEurope, is pleased to announce the resumption of production at the West Firsby\n7 well in the East Midlands, UK. In addition, following a review of the\nCompany's assets by the new management, the Company announces its decision to\nrelinquish its 28.75% working interest in the Brodina concession in Romania in\norder to focus on the Company's other assets including the Berenx gas appraisal\nproject in onshore France.\n\nUK Production - West Firsby 7\n\nAs reported in the announcement of 16 December 2011, the West Firsby 7 well had\nbeen shut in due to a suspected hole in a section of the tubing. The workover\nprogramme confirmed and rectified the problem and production at the well\nrestarted on 18 January 2012. Prior to the shut in at West Firsby 7, Europa's\naverage daily production had been running at approximately 200 barrels of oil\nper day (`bopd'). Following the unscheduled downtime, the Company is pleased to\nconfirm that it remains on course to produce an average of approximately 185\nbopd for the six months to 31 January 2012 in line with the range provided in\nthe announcement of 16 December 2011, and representing a 22% improvement on the\n151 bopd achieved in the equivalent period the previous year.\n\nRomania - Brodina\n\nIn keeping with the Company's active management of its asset base, an extensive\nreview of the EIII-1 Brodina concession in northern Romania both in isolation\nas well as within the context of the portfolio as a whole was undertaken. This\ninvolved a detailed technical and commercial evaluation of all aspects of the\nBrodina licence including the prospectivity of the project, anticipated costs\nattributable to Europa's continued participation, associated commitments,\ntimetable and geologic risk. The result of this analysis has led to the\nCompany's decision to notify its partners of its intention to withdraw from the\nJoint Operating Agreement (`JOA') in the EIII-1 Brodina licence in which it\nholds a 28.75% int...