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

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Farm-Out of Holmwood, Weald Basin

23 May 2016 07:00

EUROPA OIL & GAS (HOLDINGS) PLC - Farm-Out of Holmwood, Weald Basin

EUROPA OIL & GAS (HOLDINGS) PLC - Farm-Out of Holmwood, Weald Basin

PR Newswire

London, May 20

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

23 May 2016

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

 Farm-Out of Holmwood, Weald Basin

Europa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration, development and production company focused on Europe, is pleased to announce it has signed a Farm-Out Agreement (`FOA') in relation to its 40% interest in the PEDL143 licence in the Weald Basin with Union Jack Oil and Gas plc (‘UJO’). PEDL143 contains the conventional Holmwood prospect (‘Holmwood’) which has estimated gross mean unrisked prospective resources of 5.6 mmbo in Portlandian and Corallian sandstones and a P90 – P10 range of resources of 1 to 11 mmbo. Planning permission is in place for a deviated exploration well to be drilled at Holmwood and drilling operations are anticipated to commence in late 2016 / H1 2017.

Under the terms of the FOA: UJO will acquire a 7.5% working interest in PEDL143 from Europa UJO will pay 15%, and Europa 25% of the costs to drill an exploration well at Holmwood up to a gross well cost of £3.2 million For gross well costs above the £3.2 million cap, UJO will pay 7.5% and Europa 32.5% In the event of a discovery of petroleum on the licence UJO has agreed to make a deferred payment to Europa of £159,375 covering back costs plus a 25% uplift PEDL143 is located in an area of the Weald Basin where 14 oil and gas fields have been found, resulting in the discovery of an estimated 50 million barrels of oil of which 30 million barrels have been produced to date Holmwood is 5km to the south of the Brockham oil field discovered by BP in 1987 and now operated by Angus Energy and produces oil from Portlandian sandstone reservoirs Holmwood lies 12km to the west of the Horse Hill-1 well in PEDL137 where UK Oil & Gas Investments PLC (‘UKOG’) has reported production at a combined average stable rate of over 1,688 bopd from Upper and Lower Kimmeridge Limestone reservoirs and Upper Portland sandstone reservoir during flow tests Holmwood well will penetrate similar stratigraphy to Horse Hill and will target oil in Upper and Lower Kimmeridge Limestones in addition to Corallian and Portlandian sandstones – prospective resources at Holmwood do not include any estimate for Jurassic limestones found to be producing in Horse Hill Fulfilment of planning conditions and detailed planning and environmental permitting for the well are all underway Subject to approval of the farm-out from the Oil & Gas Authority, Europa will retain a 32.5% interest in and operatorship of PEDL143 alongside Egdon Resources (18.4%), Altwood Petroleum (1.6%), Warwick Energy (10%), UKOG (30%), and UJO (7.5%)

Europa CEO Hugh Mackay said, “The farm-out of an interest in Holmwood is in line with our strategy to advance our multistage portfolio of licences while at the same time managing risk. We rate Holmwood as one of the best undrilled conventional prospects in the UK: gross mean unrisked prospective resources of 5.6 mmbo; the presence of multiple payzones; and located in a prolific hydrocarbon producing region close to the Brockham oil field and Horse Hill discovery. We are keen to get the drillbit moving and are working hard to be in a position to commence drilling operations in late 2016 / H1 2017.

“Success at UK onshore prospects such as Holmwood should have a transformational impact on the revenue profile of oil and gas companies such as Europa. We expect to demonstrate this through our Wressle discovery in East Lincolnshire, which is expected to more than double our net production when it comes on stream, targeted in late 2016. Wressle, combined with tentative signs of at least a stabilisation in the price of oil, will provide Europa with a strong cash flow generative platform which we intend to put to good use to monetise our growing asset base of licences, and in the process generate value for our shareholders.”

* * 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 2015 Europa produced 141 boepd. Its highly prospective exploration projects include the Wressle development (targeting production startup later in 2016 at up to 500 bopd gross) in the UK; 100% owned gas exploration prospect (107 bcf) and appraisal project (CPR 277 bcf) in onshore France, a joint venture with Vermillion Energy also in onshore France; and three licences offshore Ireland with the potential to host gross mean un-risked Prospective Resources of approximately 3 billion barrels across the three 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
5th Mar 202410:31 amRNSDirector/PDMR Dealing
15th Feb 20241:37 pmRNSHolding(s) in Company
14th Feb 20247:00 amRNSExtension of PEDL 343 Licence (Cloughton)
29th Jan 20247:00 amRNSFEL 4/19 Licence Extension Approval
19th Jan 20247:00 amRNSAward & Concurrent Cancellation of Options
18th Jan 20246:08 pmRNSHolding(s) in Company
15th Jan 20247:00 amRNSWressle Production Update – PEDL180/182
5th Jan 20243:33 pmRNSDirector/PDMR Dealing
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
21st Dec 20237:00 amRNSAcquisition of Interest in EG-08 Licence
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
23rd Nov 20237:00 amRNSWithdrawal of AGM Resolutions
8th Nov 20237:00 amRNSWressle Production Resumes – PEDL180/182
6th Nov 20237:00 amRNSNotice of Investor Presentation
30th Oct 20237:00 amRNSNotice of AGM & Posting of Annual Report
23rd Oct 202310:59 amRNSDirector/PDMR Dealing
23rd Oct 20237:00 amRNSFinal Results
18th Oct 20237:00 amRNSWressle Update
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)
9th Jun 20239:56 amRNSHolding(s) in Company
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
15th Mar 20237:00 amRNSBoard Changes
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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