Europa Oil & Gas Regulatory News (EOG)

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

Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company')

Commencement of Oil Flow at Wressle Field

Europa Oil & Gas (Holdings) plc, the UK, Ireland and Morocco focused oil and gas exploration, development and production company, is pleased to announce that commencement of oil flow has been achieved at the Wressle Oil Field ('Wressle') in North Lincolnshire. This follows the successful and safe completion of operations to recomplete the Wressle-1 well ('the Well') and reperforate the Ashover Grit reservoir interval, in line with the previously advised schedule. Wressle lies on licences PEDL180 & 182 in which Europa holds a 30% working interest alongside Egdon Resources (30% and operator), and Union Jack Oil (40%).

Following the reperforation and successful communication with the Ashover Grit reservoir interval, free-flow of oil has commenced and the Well has been placed on continuous 24 hour test production. The Well is currently in the normal clean-up phase, as it is carefully brought on-stream. A further detailed update will be provided once flow rates have stabilised on completion of clean-up.

Oil produced from Wressle will be transported by road tanker to the Phillips 66 Humber refinery and sold under the operator's existing oil sales contract.

Simon Oddie, CEO of Europa, said: "The successful and safe completion of operations to recomplete and reperforate the Wressle-1 well on schedule, in spite of the ongoing pandemic and associated lockdown, is testament to the professionalism and expertise of the team on the ground. With Wressle-1 currently on continuous 24-hour test production, I look forward to providing further updates once it has cleaned up and flow rates have stabilised."

Further information on Wressle

The Wressle-1 well was drilled in 2014 and tested in 2015. During testing, a total of 710 barrels of oil equivalent per day were recovered from three separate reservoirs: the Ashover Grit; the Wingfield Flags; and the Penistone Flags. In September 2016, a Competent Person's Report ('CPR') provided independent estimates of reserves and contingent and prospective oil and gas resources for Wressle of 2.15 million stock tank barrels classified as discovered (2P+2C). Further development of Wressle, including producing additional reserves existing in the Penistone Flags formation, is expected in the future.  

Qualified Person Review

This release has been reviewed by Rowland Thomas, geophysical advisor to Europa, who is a geophysicist with over 39 years' experience in petroleum exploration and a member of the Society of Exploration Geophysicists, European Association of Geoscientists and Engineers and the Petroleum Exploration Society of Great Britain, and has consented to the inclusion of the technical information in this release in the form and context in which it appears.

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

Notes

Europa Oil & Gas (Holdings) plc has a diversified portfolio of multi-stage hydrocarbon assets which includes production, development and exploration interests, in countries that are politically stable, have transparent licensing processes, and offer attractive terms. In terms of production, in the year to 31st July 2020 Europa produced 92 boepd. Production is expected to increase to over 200 boepd once the Wressle field reaches full production.

The Company holds four exploration licences offshore Ireland which have the potential to host gross mean un-risked prospective resources of 2.7* trillion cubic feet ('tcf') gas (*subject to regulatory approval for the transfer of FEL 3/19). The Company's flagship projects offshore Ireland are Inishkea and Edge, two near field gas prospects in the Slyne Basin which the Company classifies as lower risk infrastructure-led exploration due to their close proximity to the producing Corrib gas field and associated gas processing infrastructure. In September 2019, Europa was awarded a 75% interest in the Inezgane permit offshore Morocco. Initial results of technical work have identified 30 prospects and leads that have the potential to hold in excess of one billion barrels of unrisked oil resources.