Business
West Firsby Reserves Upgrade
West Firsby Reserves Upgrade.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \n20th September 2010\n\n1 mmbo Reserves Upgrade at West Firsby\n\nThe Directors of Europa Oil & Gas (Holdings) plc are pleased to provide the\nresults of recent work on the West Firsby Field, which has led to a 250%\nincrease in the P50 remaining reserves numbers to 1.4 million barrels (mmbo).\n\nMerlin Energy Resources undertook a detailed re-mapping of the field using the\nreprocessed seismic data set, resulting in revised calculations of initial\noil-in-place (`STOIIP'). In conjunction, iProdTech consultant engineers\nreviewed the production history and reservoir engineering data. Their report\nconcludes that there is a significant additional amount of recoverable oil in\nZone 1 to that previously recognised.\n\nTotal STOIIP is estimated at 20.6 mmbo (P50 case), with total production to\ndate of 1.4 mmbo (7% average recovery factor). However, Zone 2A has produced\n25% of its STOIIP whilst Zone 1 only 4%, despite having similar reservoir\ncharacteristics. The average East Midlands oilfield recovery factor in these\nreservoirs is between 15 and 25%. iProdTech estimate a P50 remaining reserve\nfor the field of 1.41 mmbo, of which 60% is in Zone 1.\n\nThis represents a 1 mmbo field-wide increase on previous estimates. In order to\nrecover these additional reserves, up to three new wells will be required on\nthe field.\n\nPaul Barrett, Managing Director, said `This review, commissioned in March this\nyear, is the first comprehensive subsurface review of the West Firsby Field for\nsome time and supports the management's view that the field holds significant\nunrecovered oil volumes. The planned WF9 well therefore has two clear\nobjectives: to significantly increase field production and access these\nadditional Zone 1 reserves.'\n\nFor more information, contact:\n\nEuropa Oil & Gas Paul Barrett +44 1235 553 266\nAstaire Securities Shane Gallwey/Toby Gibbs +44 20 7492 4750\nAstaire Securities Charles Vaughan +44 20 7492 4763\n\nThe contents of this news release have been reviewed and approved by Paul\nBarrett, MSc., a geologist with over 30 years oil and gas experience.\n ","length":2137,"tagName":"div"}]