Commencement of Production Enhancement Projects
The Directors of Europa Oil & Gas (Holdings) plc are pleased to announce the
commencement of the production enhancement projects at both West Firsby and
Crosby Warren Oilfields in the East Midlands, UK Onshore. It is expected that,
upon completion of these programmes, production from the two sites will be
increased to approximately 250-300 bopd, taking Europa's total production to
potentially in excess of 350bopd.
Europa has engaged Hull-based OSL Consulting Ltd. to design and modify the West
Firsby site to handle the higher production volumes. OSL have recently
initiated these improvements and have indicated a 10 week timescale for
completion. In parallel with the site improvement work, the WF6 well is
scheduled to be back on production in several weeks.
In addition, the Crosby Warren Oilfield site has recently undergone a major
site renovation. The site comprises two production wells, one of which (CW1) is
currently being fitted with a larger beam pump which is expected to increase
production volumes. Stratagen, specialist well stimulation consultants, have
begun work on the CW2 well which has been shut-in since last year due to a
combination of well completion configuration and low deliverability. The CW1
well reacted extremely well to a hydraulic frac treatment and upon finalizing
the frac design by Stratagen, it is anticipated the CW2 well can be fracced in
November.
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Managing Director, Paul Barrett, said "We are determined to increase production
and the recent placing of shares has allowed us to begin the production
enhancements programmes earlier than scheduled. We are confident that this is a
wise use of the placement funds, as these projects go straight to the bottom
line with rapid payback. This will ensure that we can continue to drill wells,
increase reserves and enhance shareholder value in 2010."
For further information, please contact;
Paul Barrett Europa Oil & Gas (Holdings) plc 01235 553 266
Jonathan Wright Seymour Pierce 0207 107 8050
The technical information and opinions contained in this announcement have been
reviewed by Dr. Erika Syba, Europa's Operations Director, who has 25 years of
experience in the oil exploration and production industry. She has consented to
the inclusion herein of such technical information and opinions.
www.europaoil.com