Europa Oil & Gas Regulatory News (EOG)

1 Aug 2005 07:00

Europa Oil & Gas (Holdings) PLC01 August 2005 EUROPA OIL & GAS (HOLDINGS) PLC COSTISA EXPLORATION WELL UPDATE The Costisa-1 exploration well, situated in the Brates Exploration Block (Europainterest 15%) in northern Romania, has reached a depth of 3,239m (10,626 feet)and 9 5/8" casing has been run and cemented to a depth of 3,228m. Paul Barrett, Managing Director, said, "With the long section of open hole(2,500m) now safely behind casing, we are confident that progress will now beeasier as we approach the main target horizons, estimated to lie between 3,500and 4,100m." For further information, contact: Europa Oil & Gas (00 33 563 33 18 97)Paul Barrett Citigate Dewe Rogerson (020 7638 9571)Martin Jackson / George Cazenove Westhouse Securities LLP (0161 838 9140)Tim Feather Notes to Editors Europa began trading on AiM on 11 November 2004. Placing Statistics Placing Price per New Ordinary Share 25 penceNumber of New Ordinary Shares placed 20,000,000Total Proceeds from the Placing (before expenses) £5 millionNumber of Ordinary Shares in issue immediately followingAdmission 60,000,000Number of Warrants in issue immediately following Admission 10,000,000Market Capitalisation following the Placing at the Placing Price £15 million Production Three projects are currently in production and a further two are awaitingdevelopment. The current attributable production of around 260 boepd is forecastby independent consultants, Scott Pickford, to rise to up to 6,000 boepd by2007. Reserves Scott Pickford has undertaken a review of the oil and gas properties of Europaand concluded that the Group holds 2P reserves and contingent resources of 7million barrels of oil equivalent ("mmboe") and estimated additional unriskedprospective resources of 28 mmboe. Summary of Principal Assets Country Block / Field Operator InterestProducing UK West Firsby Oilfield Europa 100% UK Whisby-4, Whisby Oilfield Blackland 65% Park Ukraine Horodok Field Europa 70% Development UK 41/24 & 41/25 Europa 100% Romania Brodina EIII-1 (Bilca Falcon 28.75% Discovery) Exploration UK TQ14 Holmwood Europa 40% UK Whisby Area Exploration Europa 100% Romania EPI-3 Costisa Prospect Tullow Oil 15% Romania EIII-3 Cuejdui Falcon 28.75% Romania EIII-4 Bacau Falcon 47.5% Poland Nowy Sacz Area RWE 2.5% ORRI Strategy Europa has embarked on a strategy to build the Group into a significantEuropean-focused independent upstream oil and gas business. The strategy will beto continue to grow a balanced exploration and production portfolio withproducing assets generating cashflow, development projects providing low riskpotential and exploration opportunities offering significant upside. Also see www.europaoil.com This information is provided by RNS The company news service from the London Stock Exchange