Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas
27 September 2012
Europa Oil & Gas (Holdings) plc (`Europa' or `the Company')
Holmwood Appeal Decision
Europa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration,
development and production company focussed on Europe, confirms that it
received notice today that the appeal against Surrey County Council's decision
not to grant permission to drill one exploratory borehole and undertake a short
term test for hydrocarbons on the PEDL143 licence in the Weald Basin, Surrey,
has been dismissed.
An unsuccessful application for planning permission to drill the Holmwood
prospect on PEDL143 was made in 2011. The planning appeal was heard at a seven
day public inquiry in July 2012. The Planning Inspectorate issued a decision to
dismiss the appeal on 26 September 2012. The Company is currently considering
its options regarding the decision with its legal counsel and its partners in
the licence, being Egdon Resources 38.4%, Altwood Petroleum 1.6%, and Warwick
Energy 20%.
Europa's CEO, Hugh Mackay said, "We are obviously disappointed with the outcome
of the appeal, particularly as it comes at a time when the need to develop the
UK's own energy resources and natural assets is more pressing than ever. Aside
from Holmwood, we are developing other UK exploration assets including the
Wressle and Broughton prospects where we, along with our partners, plan to
drill at least one well early next year. We rate each of these as having a one
in three chance of increasing our current production of 200 boepd.
"Europa has a diversified portfolio of licences at various stages of
development. This includes revenue generative UK producing assets, as well as
highly prospective exploration permits in onshore France particularly Berenx
Deep, a large gas appraisal project with a net mean contingent resource of 277
bcf as estimated in the recent competent person's report. More recently, in the
Irish Atlantic Margin, we announced the identification of two substantial
prospects located in a proven hydrocarbon system. We remain highly confident in
the potential of our licences to create substantial value for shareholders and
we look forward to providing the market with updates on our progress in due
course."
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For further information please visit www.europaoil.com or contact:
Hugh Mackay Europa + 44 (0) 20 7224 3770
Phil Greenhalgh Europa + 44 (0) 20 7224 3770
Matt Goode finnCap Ltd +44 (0) 20 7220 0500
Henrik Persson finnCap Ltd +44 (0) 20 7220 0500
Frank Buhagiar St Brides Media and Finance Ltd +44 (0) 20 7236 1177
Lottie Brocklehurst St Brides Media and Finance Ltd +44 (0) 20 7236 1177
Notes
Europa Oil & Gas (Holdings) plc has a diversified portfolio of multi-stage
hydrocarbon assets that includes production, exploration and development
interests, in countries that are politically stable, have transparent licensing
processes, and offer attractive terms. The Company currently produces
approximately 200 boepd in the UK, generating sufficient revenues to cover
corporate overheads. In addition, it has highly prospective exploration
projects in the UK, Ireland France and Romania, the most significant asset
being the Berenx gas appraisal project in onshore France.