Europa Oil & Gas Regulatory News (EOG)

Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 9 February 2015 Europa Oil & Gas (Holdings) plc (`Europa' or `the Company') Wressle-1 Well Flows Oil & Gas in Testing and Board Changes Europa Oil & Gas (Holdings) plc, the AIM quoted oil and gas exploration anddevelopment company with a combination of producing and exploration assets inEurope, is pleased to note the announcement of Egdon Resources (`Egdon') todayconfirming free flowing oil production rates equivalent to 80 barrels of oilper day (`bopd'), along with 47 thousand cubic feet (`mcf') of gas per day,following testing operations on the first of three potentially hydrocarbonbearing zones at the Wressle-1 oil discovery in East Lincolnshire. Wressle islocated on the PEDL 180 licence in which Europa has a 33.3% working interest,alongside its partners Egdon (operator, 25%), Celtique Energie Petroleum Ltd(33.3%), Union Jack Oil (8.3%). Overview * Operations have been completed on the Ashover Grit reservoir, with free flowing oil production rates equivalent to 80 bopd and 47 mcf of gas per day recorded during a 16 hour main flow period following an initial `clean-up' flow * An interval of 9.5 metres was perforated at a measured depth of between 2,006.1 to 2,015.6 metres * No appreciable volumes of water were encountered and the oil is of good quality with a gravity of 39-40o API * Down-hole pressure data, recorded during the main flow and subsequent shut-in build-up period, will now be analysed to evaluate the permeability of the reservoir to determine the increased production rates that could be achieved during pumped production * Based on the encouraging free-flow test results from the Ashover Grit it is intended that a longer term pumped production test will be undertaken once the on-going test programme has been completed The Ashover Grit interval will now be isolated with a bridge-plug and testoperations will continue on two further discrete zones, the Wingfield Flags andPenistone Flags, where hydrocarbons are indicated from log data and gaschromatograph analysis. Further updates will be provided as and when resultsare known from these intervals. Europa's CEO, Hugh Mackay said, "Free flowing rates of 80 bopd is a great startto testing operations at the Wressle discovery and indeed to our 2015operations in the East Midlands. With two further intervals to be testedcovering a combined payzone of over 25 metres as indicated by the log data, weare looking forward to resuming operations. Once this initial test programme iscompleted we will conduct a thorough technical evaluation with the intent ofconducting a longer term pumped production test of the Ashover Grit and anyother zones where initial testing has resulted in potentially commercial flowrates." Board Changes The Board of Europa announces that after five years with the Company, BillAdamson has informed the Board of his intention to resign as Chairman of Europain order to further pursue his work in the voluntary sector. Bill intends tostand down as Chairman and from the Company's Board at the 10 February boardmeeting, but will be available to the Board until the end of April 2015 inorder to effect an orderly handover. Bill will be succeeded as Chairman by Colin Bousfield, who is currently anon-executive of the Company. Having joined Europa's Board last year as anon-executive director, the Board believe that Colin's background makes him anideal successor for Bill in the role of Europa's non-executive Chairman. Hugh Mackay said "Bill has been instrumental in reorganising the Group'smanagement and has worked closely with me to develop our assets to the currentposition. I have valued Bill's support and drive during a period of transitionfor the Group and would like to take this opportunity to thank him for hisefforts. I know from Colin's involvement in Europa over the last year, that heshares my enthusiasm and optimism for this company." Europa's Chairman, Bill Adamson said "It has been a privilege to be associatedwith Europa and I would like to thank shareholders, employees and fellow boardmembers for their support. After five years on the Board, I am pleased to beleaving in the knowledge that the Board and the Company will remain in highlycapable hands with Colin as Chairman and with Hugh at the helm as CEO." Colin Bousfield said "I look forward to working with Hugh, his management teamand the Board as we continue to work towards creating and delivering materialvalue for shareholders." * * 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 Media and Finance Ltd +44 (0) 20 7236 1177 Lottie Brocklehurst St Brides Media and Finance 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 (recently drilled and undergoingtesting) and Kiln Lane prospects (due to be drilled Q1 2015) in the UK; 100%owned gas exploration prospect (107 bcf) and appraisal project (CPR 277 bcf) inonshore France; and a joint venture with leading independent Kosmos to exploretwo licences in offshore Ireland with the potential to host gross mean unriskedprospective resources of 1.5 billion barrels. Colin Bousfield was appointed as a non-executive director of the Company inFebruary 2014 and has over 30 years' experience in energy finance having workedfor leading financial institutions. Colin started his career in banking withBarclays in 1975 and since 1985 has specialised in providing financialsolutions to the oil and gas sector, holding senior positions with BarclaysCapital, Bank of Scotland, and Royal Bank of Scotland. Colin's most recentbanking position was as Head of European Oil and Gas for the Commonwealth Bankof Australia, a post he held until the end of 2013. Over the course of hiscareer, Colin has arranged just under US$10 billion of debt, equity and hybridfinance in over 45 transactions for oil and gas companies of all sizes, rangingfrom small private E&Ps to international majors including Lundin Petroleum,Cairn Energy and Dana Petroleum. Many of these transactions were to fund M&Aactivity where Colin was involved in the structuring and financing of theacquisitions. He has also structured numerous facilities to fund single fieldproject developments both in the North Sea and outside the UK. From 2007 until2012 Colin was CFO of a private unconventional resource exploration anddevelopment company and CFO of an onshore drilling company, prior to bothbusinesses being sold with significant returns to investors. 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.