Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas
1 June 2012
Europa Oil & Gas (Holdings) plc (`Europa' or `the Company')
Highly Encouraging Competent Person's Report for UK and French Assets
Europa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration and
development company with a combination of producing and exploration assets in
Europe, is pleased to announce the findings of a recently completed Competent
Person's Report (`CPR') by ERC Equipoise Limited. The report highlights the
prospectivity of Europa's core assets in the UK and France, specifically the
100% owned Bearn des Gaves permit containing the Berenx Deep and Berenx Shallow
gas prospects located in the Aquitaine Basin, France.
Overview:
* 50.5 MMboe net mean unrisked resource for all audited UK producing /
exploration licences and the Berenx Deep discovery in onshore France
* 277 bcf net mean contingent resource for Berenx Deep gas discovery located
close to giant producing gas fields
* 0.65 MMbbl remaining net 2P oil reserves for three UK onshore producing
fields - West Firsby, Crosby Warren and Whisby
* 3.7 MMbbl net mean unrisked prospective oil resources for three UK onshore
prospects - Broughton, Wressle and Holmwood
Europa's CEO, Hugh Mackay commented, "I am delighted to have received this
independent assessment of Europa's UK and French licences which supports our
view that our UK exploration assets, including Wressle, Broughton and Holmwood
each have the potential to create significant value for shareholders, while
Berenx in France could be the company maker we believe it is.
"At 50.5 MMboe the CPR's estimate of our core recoverable reserves and
potential resources provides a solid asset backing to our current market
valuation and will also play a key role in our ongoing negotiations with
potential partners, specifically regarding our French permits. In the meantime,
we remain on track to participate in the drilling of the Wressle prospect in
the UK later this year which we rate as having a one in three chance of
materially adding to our current production of 200 bopd."
Net Oil Reserves
Licence Name Interest 1P 2P 3P Mean
MMbbl MMbbl MMbbl MMbbl
DL003 West Firsby 100% 0.14 0.39 0.75 0.43
DL001 Crosby Warren 100% 0.03 0.08 0.13 0.08
PL199 Whisby 65% 0.11 0.14 0.18 0.14
0.65
UK Onshore
Net Contingent Gas Resources
Licence Name Interest 1C 2C 3C Mean
bcf bcf bcf bcf
Bearn des Gaves Berenx 100% 31 134 623 277
Deep
277*
*46.1 MMboe
Net Unrisked Prospective Oil Resources
Licence Name Interest Low Best High Mean
MMbbl MMbbl MMbbl MMbbl
PEDL 182 Broughton 33.34% 0.11 0.37 1.3 0.6
PEDL 180 Wressle 33.34% 0.13 0.5 1.73 0.8
PEDL 143 Holmwood 40% 0.32 1.34 5.0 2.3
3.7
The complete CPR will be available for download from the Europa website
(www.europaoil.com ) from 8 June 2012.
The CPR update was prepared by ERC Equipoise Limited, an independent
consultancy specialising in geoscience evaluation and engineering and economics
assessment. ERC have used all available information and interpretations
supplied by Europa. The evaluation of the recoverable hydrocarbons expected for
each asset has been categorised in accordance with the 2007 Petroleum Resources
Management System prepared by the Oil and Gas Reserves Committee of the Society
of Petroleum Engineers (SPE) and reviewed and jointly sponsored by the World
Petroleum Council (WPC), the American Association of Petroleum Geologists
(AAPG) and the Society of Petroleum Evaluation Engineers (SPEE).
This release has been reviewed by Hugh Mackay, Chief Executive of Europa, who
is a petroleum geologist with 29 years' experience in petroleum exploration and
management. Mr. Mackay has consented to the inclusion of the technical
information in this release in the form and context in which it appears.
* * ENDS * *
Glossary
`bbl' means barrels
`bcf' means thousands of millions of standard cubic feet
"boe" means barrels of oil equivalent
`bopd' means barrels of oil per day
`C / contingent resources' means quantities of petroleum estimated as of a
given date, to be potentially recoverable from known accumulations by
application of development projects, but which are not currently considered
commercially recoverable due to one or more contingencies
`GIIP' means gas initially in place
`lead' means a project associated with a potential accumulation that is
currently poorly defined and requires more data acquisition and/or evaluation
in order to be classified as a prospect
`M' means thousands
`MM' means millions
`2P' means Proved and Probable
`prospective resources' means quantities of petroleum estimated as of a given
date to be potentially recoverable from undiscovered accumulations
`prospect' means a project associated with a potential accumulation that is
sufficiently well defined to represent a drillable target
`stb' means a standard barrel which is 42 US gallons measured at 14.7 pounds
per square inch and 60 degrees Fahrenheit
For further information please visit www.europaoil.com or contact:
Hugh Mackay Europa Oil & Gas (Holdings) plc +44 (0) 20 7224 3770
Phil Greenhalgh Europa Oil & Gas (Holdings) plc +44 (0) 20 7224 3770
Sarah Wharry finnCap Ltd +44 (0) 20 7600 1658
Henrik Persson finnCap Ltd +44 (0) 20 7600 1658
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 barrels per day of oil 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.