The Board of Europa Oil & Gas (Holdings) plc ("the Company" or "Europa"), the
independent oil and gas exploration and production company with assets in
Romania, France, Ireland and the United Kingdom, announces the following update
to operations at the Horodnic-1 exploration well in the Brodina Exploration
Area in northern Romania.
Horodnic-1 has reached a total depth of 1660 MD (-983m TVDSS) in Badenian
Infra-Anhydrite sandstone. The well was designed to test the
Sarmartian-Badenian sandstones that flowed gas at the Voitinel-1 discovery
located 2.5 km to the northwest of Horodnic-1.
This section at Horodnic-1 well contained a gross interval of 40 m of
interbedded sandstones and mudstones together with some gas shows. Wireline log
interpretation indicates that no potentially commercial hydrocarbon bearing
interval was found. The well will be plugged and abandoned.
Technical work will now focus on integrating the Horodnic results into the
remaining prospects and discovery on the Voitinel trend. In particular the
Badenian Infra-Anyhdrite sandstones penetrated at Horodnic are a potential
reservoir in a separate structural closure and the new information will enhance
our understanding of the prospectivity.
The total expected gross cost of the well is forecast to be €2.5m compared to
an agreed AFE of €3.5m. Europa's share of the total gross cost is expected
therefore to be approximately €0.72m
Interests in the Brodina Exploration Area are Europa Oil & Gas SRL 28.75%,
Aurelian Petroleum SRL 33.75% and S.N.G.N. Romgaz S.A. 37.50%.
Elsewhere in Romania discussions remain ongoing with a potential farm-in
partner for the Brates Exploration Area containing the Barchiz prospect.
Europa Oil & Gas SRL currently holds a 100% interest in the Brates licence
Further information:
Europa Oil & Gas Tel: +44 1235 553 266 Hugh Mackay / Phil Greenhalgh
finnCap Tel: +44 207 600 1658 Sarah Wharry / Henrik Persson