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Assignment of interests in East Midlands Licence

4 Oct 2016 07:00

EUROPA OIL & GAS (HOLDINGS) PLC - Assignment of interests in East Midlands Licence

EUROPA OIL & GAS (HOLDINGS) PLC - Assignment of interests in East Midlands Licence

PR Newswire

London, October 3

Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas

4 October 2016

Europa Oil & Gas (Holdings) plc (‘Europa’ or ‘the Company’)

 Assignment of interests in East Midlands Licence

Europa Oil & Gas (Holdings) plc, the AIM traded UK and Ireland focused oil and gas exploration, development and production company, announces that following the acquisition of Shale Petroleum (UK) Limited (‘SPL’) for a nominal consideration of £1 (see announcement of 15 August 2016 for further details), Europa is assigning SPL’s 16.665% interest in PEDL299, a UK onshore licence located in the East Midlands, as follows:

8.335% assigned to Europa Oil & Gas Limited 8.33% assigned to Upland Resources (UK Onshore) Limited

Following the assignments, which are subject to regulatory approval, the interests in the conventional prospectivity on PEDL 299 will be as follows:

INEOS (50% operator) Europa Oil & Gas Limited 25% Upland 25%

Unconventional prospectivity on PEDL299 is 100% INEOS.

PEDL299 contains the Hardstoft oil field which was discovered in 1919 by the UK’s first ever exploration well. This produced 26,000 barrels of oil from a Carboniferous limestone reservoir. A CPR on Hardstoft, issued by joint venture partner Upland Resources, identified gross 2C contingent resources of 3.1 million boe and gross 3C contingent resources of 18.5 million boe in PEDL299. Production testing methodologies for carbonate reservoirs have evolved since 1919 and the Company believes these could allow commercial oil flowrates to be achieved at Hardstoft.

Europa CEO Hugh Mackay said, “The reassignment of interest in PEDL299 ought to be seen in the context of the ongoing active management of our portfolio of licences. The recent sale of a 3.34% interest in the Wressle discovery was a partial monetisation of our asset base. This assignment helps manage the risks and funding requirements associated with oil and gas exploration and development. Once formal approval of the licence award and the reassignment has been received, PEDL299 will have a strong set of partners, each holding a material interest in the licence. This will provide an excellent foundation from which to develop the Hardstoft oil field.”

* * ENDS * *

For further information please visit http://www.europaoil.com/ or contact:

Hugh MackayEuropa+ 44 (0) 20 7224 3770
Phil GreenhalghEuropa+ 44 (0) 20 7224 3770
Matt GoodefinnCap Ltd+ 44 (0) 20 7220 0500
Simon HicksfinnCap Ltd+ 44 (0) 20 7220 0500
Frank BuhagiarSt Brides Partners Ltd+ 44 (0) 20 7236 1177
Susie GeliherSt Brides Partners 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. In 2016 Europa produced 123 boepd. Its highly prospective exploration projects include the Wressle development (targeting production start-up in early 2017 at up to 500 bopd gross) in the UK; and seven licences offshore Ireland with the potential to host gross mean un-risked prospective and indicative resources of more than 4 billion barrels oil equivalent and 1.5 tcf gas across all seven licences.

Qualified Person Review

This release has been reviewed by Hugh Mackay, Chief Executive of Europa, who is a petroleum geologist with 30 years' experience in petroleum exploration and a member of the Petroleum Exploration Society of Great Britain, American Association of Petroleum Geologists and Fellow of the Geological Society. Mr Mackay has consented to the inclusion of the technical information in this release in the form and context in which it appears.

Date   Source Headline
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15th Feb 20241:37 pmRNSHolding(s) in Company
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19th Jan 20247:00 amRNSAward & Concurrent Cancellation of Options
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2nd Jan 20247:00 amRNSPEDL 180 and PEDL 182 Competent Person’s Report
21st Dec 202311:09 amRNSDirector/PDMR Dealing
21st Dec 20237:01 amRNSBoard Changes
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19th Dec 20237:00 amRNSWressle Production Update – PEDL180/182
29th Nov 202311:05 amRNSWressle Operator Community Update
27th Nov 20237:00 amRNSAttempted Requisition of General Meeting
23rd Nov 20236:05 pmRNSResult of AGM
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23rd Oct 20237:00 amRNSFinal Results
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4th Oct 20237:00 amRNSSerenity Update
2nd Oct 20237:00 amRNSFEL 4/19 Update
11th Sep 20237:00 amRNSCloughton Gas in Place Update
31st Aug 20237:00 amRNSWressle Update
3rd Aug 20237:00 amRNSWressle Update
28th Jul 20237:00 amRNSAssumption of Operatorship of PEDL343 (Cloughton)
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5th May 20234:53 pmRNSRetail Investor Reception
27th Apr 20237:00 amRNSDirector Change
24th Apr 20237:00 amRNSInterim Results
3rd Apr 20237:00 amRNSAppointment of COO and Executive Director
31st Mar 20239:11 amRNSHolding(s) in Company
23rd Mar 20237:00 amRNSAward of Options
16th Mar 20237:01 amRNSDirector/PDMR Dealing
16th Mar 20237:00 amRNSWressle Update - Community Liaison Group Meeting
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7th Mar 20237:00 amRNSIrish Licence Emissions Report
28th Feb 20231:32 pmRNSInvestor Relations Webinar
16th Feb 202311:05 amRNSSecond Price Monitoring Extn
16th Feb 202311:00 amRNSPrice Monitoring Extension
17th Jan 20237:00 amRNSWressle Update
11th Jan 20237:00 amRNSOperational Update
7th Dec 20222:23 pmRNSResult of AGM
7th Dec 20227:00 amRNSAGM Statement
23rd Nov 20227:00 amRNSInezgane Licence, Offshore Morocco Update
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14th Nov 20227:01 amRNSNotice of AGM and Posting of Annual Report

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