Europa Oil & Gas Regulatory News (EOG)

Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 27 March 2015 Europa Oil & Gas (Holdings) plc (`Europa' or `the Company') Fourth Productive Interval Identified at Wressle-1 Well, Onshore UK Europa Oil & Gas (Holdings) plc, the AIM quoted oil and gas company with acombination of producing and exploration assets in Europe, is pleased to notetoday's announcement from Egdon Resources (`Egdon') confirming the presence ofan oil column in the Penistone Flags interval, which has produced at a rateequivalent to 77 barrels of oil per day (`bopd') during testing at theWressle-1 oil discovery (`Wressle') on Licence PEDL 180 in East Lincolnshire(`PEDL 180'). This is the fourth tested interval at Wressle to producehydrocarbons and brings the total hydrocarbons recovered from all four testintervals to 710 barrels of oil equivalent per day (`boepd'). Europa has a33.3% working interest in PEDL 180, alongside Egdon (operator, 25%), CeltiqueEnergie Petroleum Ltd (33.3%), Union Jack Oil (8.3%). * Second flow test of the Penistone Flags reservoir has identified a 7.5 metre oil column (referred to as Zone 3a) below the gas leg of the upper part of the interval (Zone 3) * Zone 3a was perforated and a total of 98.5 barrels of oil were recovered during testing, 34.3 of which were induced by swabbing operations - this equates to approximately 77 bopd * The oil is of good quality with a gravity of 33o API * Zone 3a is the fourth test to have produced hydrocarbons at Wressle during testing operations: * + the Ashover Grit - 80 bopd and 47 thousand cubic feet of gas per day (`mcfd'), free flow; + the Wingfield Flags - up to 182 bopd and 0.456 million cubic feet of gas per day (`mmcfd'), free flow; + Zone 3 of the Penistone Flags - up to 1.7 mmcfd and up to 12 bopd, free flow; + Zone 3a of the Penistone Flags - 77 bopd, swabbed * An aggregate 710 boepd has been recovered from all payzones during testing operations * Down-hole pressure data recorded during testing and oil sample data will be interpreted and integrated with the data obtained from the previous three flow tests * The results will facilitate the design of the Extended Well Test (`EWT') programme necessary to quantify the production levels that could be attained from pumped production and inform field development options * + EWT is expected to commence in May 2015 for a period of two months * All data gathered from the test operations will be used to fully evaluate the Wressle discovery which will allow an updated resource assessment to be included in the Competent Person's Report covering Europa's portfolio of assets in offshore Ireland, onshore France and onshore UK - this is due in H1 2015 Europa's CEO, Hugh Mackay said, "The Wressle discovery has now flowedhydrocarbons from all four intervals tested. This is an excellent result and weare now working with Egdon to plan for an EWT later this year to optimiseproduction from the field. Thanks to our 33% interest in the well and theproduction rates achieved so far in testing, Wressle has the potential tomaterially increase Europa's existing UK production and revenues. "In addition, the discovery has positive implications for the level of ourreserves and resources, which will be reflected in a Competent Person's Report(`CPR') in H1 2015. This CPR will cover both our UK assets and our Irishlicences in the South Porcupine Basin where gross mean un-risked prospectiveresources of up to 1.5 billion barrels of oil have already been identified byour partner Kosmos Energy. I look forward to providing further updates on ourprogress in due course." * * ENDS * * For further information please visit www.europaoil.com or contact: Hugh Mackay Europa + 44 (0) 20 7224 3770 Phil Greenhalgh Europa + 44 (0) 20 7224 3770 Matt Goode finnCap Ltd + 44 (0) 20 7220 0500 Simon Hicks finnCap Ltd + 44 (0) 20 7220 0500 Frank Buhagiar St Brides Partners Ltd + 44 (0) 20 7236 1177 Lottie Brocklehurst St Brides Partners Ltd + 44 (0) 20 7236 1177 Notes Europa Oil & Gas (Holdings) plc has a diversified portfolio of multi-stagehydrocarbon assets that includes production, exploration and developmentinterests, in countries that are politically stable, have transparent licensingprocesses, and offer attractive terms. The Company produced 165 boepd in the UKduring the 2013/2014 financial year, generating sufficient revenues to covercorporate overheads and some exploration expenditure. Its highly prospectiveexploration projects include the Wressle discovery (recently drilled andundergoing testing) in the UK; 100% owned gas exploration prospect (107 bcf)and appraisal project (CPR 277 bcf) in onshore France a joint venture withVermillion Energy also in onshore France; and a joint venture with leadingindependent Kosmos to explore two licences in offshore Ireland with thepotential to host gross mean unrisked prospective resources of 1.5 billionbarrels. Qualified Person Review This release has been reviewed by Hugh Mackay, Chief Executive of Europa, whois a petroleum geologist with 30 years' experience in petroleum exploration anda member of the Petroleum Exploration Society of Great Britain, AmericanAssociation of Petroleum Geologists and Fellow of the Geological Society. MrMackay has consented to the inclusion of the technical information in thisrelease in the form and context in which it appears.