20th September 2010
1 mmbo Reserves Upgrade at West Firsby
The Directors of Europa Oil & Gas (Holdings) plc are pleased to provide the
results of recent work on the West Firsby Field, which has led to a 250%
increase in the P50 remaining reserves numbers to 1.4 million barrels (mmbo).
Merlin Energy Resources undertook a detailed re-mapping of the field using the
reprocessed seismic data set, resulting in revised calculations of initial
oil-in-place (`STOIIP'). In conjunction, iProdTech consultant engineers
reviewed the production history and reservoir engineering data. Their report
concludes that there is a significant additional amount of recoverable oil in
Zone 1 to that previously recognised.
Total STOIIP is estimated at 20.6 mmbo (P50 case), with total production to
date of 1.4 mmbo (7% average recovery factor). However, Zone 2A has produced
25% of its STOIIP whilst Zone 1 only 4%, despite having similar reservoir
characteristics. The average East Midlands oilfield recovery factor in these
reservoirs is between 15 and 25%. iProdTech estimate a P50 remaining reserve
for the field of 1.41 mmbo, of which 60% is in Zone 1.
This represents a 1 mmbo field-wide increase on previous estimates. In order to
recover these additional reserves, up to three new wells will be required on
the field.
Paul Barrett, Managing Director, said `This review, commissioned in March this
year, is the first comprehensive subsurface review of the West Firsby Field for
some time and supports the management's view that the field holds significant
unrecovered oil volumes. The planned WF9 well therefore has two clear
objectives: to significantly increase field production and access these
additional Zone 1 reserves.'
For more information, contact:
Europa Oil & Gas Paul Barrett +44 1235 553 266
Astaire Securities Shane Gallwey/Toby Gibbs +44 20 7492 4750
Astaire Securities Charles Vaughan +44 20 7492 4763
The contents of this news release have been reviewed and approved by Paul
Barrett, MSc., a geologist with over 30 years oil and gas experience.