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Pin to quick picksEuropa Oil & Gas Share News (EOG)

Share Price Information for Europa Oil & Gas (EOG)

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Share Price: 0.775
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Egdon, Europa, Union Jack Achieve Encouraging Flow Rates At Wressle-1

Mon, 09th Feb 2015 08:36

LONDON (Alliance News) - The companies involved in the Wressle-1 well on the PEDL180 license in the UK on Monday said the well has achieved a flow rate of 80 barrels of oil per day and 47,000 cubic feet of gas per day after testing the first of three potentially hydrocarbon-bearing zones at the Wressle-1 oil discovery in East Lincolnshire.

The PEDL180 license is a partnership between four companies. Europa Oil and Gas (Holdings) PLC and Celtique Energie Petroleum Ltd hold 33.3% interests each. Union Jack Oil PLC holds a 8.3% stake in the license, and Egdon Resources PLC holds the remaining 25% interest.

Egdon is the operator of the license. It said it has completed operations on the Ashover Grit reservoir and said the oil encountered is "of good quality", with a gravity of 39 to 40 API. API Gravity is the oil industry standard used to determine and classify the density of oil.

Egdon will now analyse down-hole pressure data from the well to evaluate the permeability of the reservoir to determine the increased production rates that could be achieved during pumped production, it said in a statement.

Based on the free-flow test results from the Ashover Grit reservoir, Egdon will conduct a longer-term pumped production test once the on-going test programme has been completed, it said.

"Free flowing rates of 80 barrels of oil per day is a great start to testing operations at the Wressle discovery and indeed to our 2015 operations in the East Midlands," said High Mackay, chief executive of Europa.

"During this period of reduced oil prices, the low development and operating costs of onshore UK production means that discoveries such as Wressle remain commercially attractive," said Mark Abbott, managing director of Egdon.

Egdon shares rose by 5.2% to 9.20 pence per share on Monday morning, while Europa shares rose by 4.6% to 5.75 pence per share. Union Jack shares were down 1.7% to 0.244 pence per share.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

Copyright 2015 Alliance News Limited. All Rights Reserved.

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11 Feb 2025 11:44

IN BRIEF: Europa Oil & Gas names largest shareholder as new chair

Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development and production company - Names largest shareholder Bo Kroll as non-executive chair, replacing Brian O'Cathain who is stepping down after seven years. Kroll increased his holding to 6.0% in July.

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18 Dec 2024 09:49

Europa Oil terminates royalty agreement for Whisby 4 well

(Sharecast News) - Europa Oil & Gas, an exploration and production company with assets in the UK, West Africa and Ireland, announced the termination of its royalty agreement for the Whisby 4 well with BritNRG, the field operator and licence holder, on Wednesday.

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22 Nov 2024 11:35

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28 Oct 2024 14:34

Europa Oil shares dive as loss widens amid big exploration costs

(Alliance News) - Europa Oil & Gas Holdings PLC on Monday said 2025 will be an exciting period for the company as it reported a widened loss due to higher exploration costs.

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28 Oct 2024 10:51

Europa Oil reports challenging financial performance

(Sharecast News) - Europa Oil & Gas reported a challenging financial performance for the year ended 31 July on Monday, as revenue declined 46% to £3.6m, reflecting reduced oil production, including a three-month shutdown at its Wressle site, and lower realised oil prices.

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18 Oct 2024 10:30

Approval for more development of Lincolnshire oil field to be revoked

(Alliance News) - Europa Oil & Gas Holdings PLC and Union Jack Oil PLC said on Friday they expect planning consent for further development of the Wressle field in Lincolnshire to be quashed, following a legal challenge to their application.

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13 Sep 2024 12:49

IN BRIEF: Europa Oil & Gas opts not to extend Serenity licence

Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development and production company - Says that it does not intend to apply to the North Sea Transition Authority for an extension to the Serenity licence, which is due to expire on September 30 of this year. As a result, the incurred costs associated the licence that Europa Oil & Gas has capitalised on its balance sheet will be written off.

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13 Sep 2024 11:23

Europa Oil opts not to extend Serenity licence

(Sharecast News) - Europa Oil & Gas, an company focussed on oil and gas exploration, development, and production in the UK, Ireland and West Africa, announced on Friday that it would not apply for an extension of the Serenity licence, P2358.

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3 May 2024 20:29

IN BRIEF: Europa Oil & Gas withdraws from UK offshore licensing round

Europa Oil & Gas (Holdings) PLC - UK and Ireland-focused oil and gas exploration, development and production company - Updates on the company's application for a licence as part of the 33rd UK Offshore Licensing Round that closed in January. Says the North Sea Transition Authority proposes a marriage between Europa and another party for the Licence. But, Europa decides not to accept the proposed marriage and also notifies the NSTA that, if the NSTA subsequently decide to award the Licence, in its entirety to the company as the sole owner, Europa would decline the offer. Europa explains that since its original application various aspects of the operating conditions and the fiscal environment have changed and remain uncertain. This reduces the economic and strategic attractiveness of the licence. As such, Europa believes that its resources are better deployed on its existing assets and looking for new opportunities within its core areas of focus.

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3 May 2024 08:39

Europa Oil to decline any North Sea licence offer

(Sharecast News) - Europa Oil & Gas said in an update on Friday that it received communication from the North Sea Transition Authority (NSTA) regarding its application for a licence as part of the 33rd UK Offshore Licensing Round.

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22 Apr 2024 20:03

EARNINGS AND TRADING: Zenova's Kitemark award; Carnival's eyes savings

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Friday and Monday and not separately reported by Alliance News:

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17 Apr 2024 12:21

IN BRIEF: Europa Oil loss lower; eyes opportunity in Equatorial Guinea

Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development and production company - Pretax loss narrows 20% to GBP1.0 million in the six months to GBP1.0 million from GBP1.3 million a year prior. Revenue dives to GBP1.4 million from GBP3.7 million, which it says was due to the three-month shut-in period at Wressle in the East Midlands. Total cost of sales decrease 28% to GBP1.6 million from GBP2.2 million. Notably, reports no exploration write off cost, compared to GBP1.7 million a year prior. Looking ahead, Chief Executive Officer Will Holland says: "As we have alluded to in the past, we are always looking for additional geographies where we can reallocate our inhouse expertise. Such an opportunity arose in Equatorial Guinea towards the end of last year, where we are investing in a very high-quality licence with three drill-ready and potentially transformational prospects."

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14 Feb 2024 12:40

Europa Oil & Gas confirms extension to Cloughton licence

(Sharecast News) - Europa Oil & Gas announced a significant extension to its PEDL 343 licence on Wednesday, housing the Cloughton gas discovery in the East Midlands.

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14 Feb 2024 11:55

Europa Oil & Gas gets extension to PEDL 343 gas licence from UK NSTA

(Alliance News) - Europa Oil & Gas Holdings PLC on Wednesday announced an extension to its PEDL 343 licence in the East Midlands of England, which contains the Cloughton gas discovery.

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29 Jan 2024 10:27

IN BRIEF: Europa Oil hails phase extension for flagship Irish licence

Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development, and production company - Says that Phase One of FEL 4/19, its licence in the Slyne basin, has been extended following approval from the Irish Government's Department of the Environment, Climate & Communications.

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