Europa Oil & Gas (Holdings) PLC
06 December 2005
EUROPA OIL & GAS (HOLDINGS) PLC
COSTISA -1Z WELL
The Directors of Europa Oil & Gas (Holdings) plc ('Europa' or the 'Company')
announce that the Costisa-1z exploration well, located in the EPI-3 Brates block
in Romania, has reached a final total depth of 4,350 metres in a Cretaceous
limestone sequence. The well's primary objective, a Badenian infra-anhydrite
sandstone interval, was not encountered by the wellbore. Due to poor borehole
conditions, a final logging programme was not undertaken.
However, significant gas shows were encountered in Burdigalian sandstones, a
secondary target, between 1,034 and 1,059 metres. These gas shows coincide with
the upper 25 metres of a 40 metre thick sandstone and shale sequence. Due to
likely formation damage and the large borehole size, a test of this interval in
the current borehole is not considered optimal.
Europa, which currently has a 15 per cent. interest in the licence, has
exercised its right to request the Operator to suspend the well for future
re-entry and sidetrack in order to test the Burdigalian sandstone interval.
Subject to agreement with partners and government approval, Europa intends to
increase its interest in the licence and assume Operatorship for the appraisal
phase.
Paul Barrett, Managing Director of Europa, said:
'The Burdigalian gas shows look very promising and we are looking forward to
properly appraising these sands which have the potential to be a significant
addition to our existing gas development portfolio in Romania.'
Enquiries:
Europa Oil & Gas (00 33 563 33 18 97)
Paul Barrett
Westhouse Securities LLP (0161 838 9140)
Tim Feather
Citigate Dewe Rogerson (020 7638 9571)
Martin Jackson
Also see www.europaoil.com
This information is provided by RNS
The company news service from the London Stock Exchange