Europa Oil & Gas Regulatory News (EOG)

Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 2 September 2014 Europa Oil & Gas (Holdings) plc (`Europa' or `the Company') Preliminary Results of the Wressle-1 Well, onshore UK 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 announce preliminary results of the Wressle-1conventional exploration well (`Wressle well') in Lincolnshire which wasdrilled to a total depth of 2,240 metres (1,814m TVDSS) on 23 August 2014.Europa has a 33.3% working interest in Wressle, alongside its partners EgdonResources (operator, 25%), Celtique Energie Petroleum Ltd (33.3%), Union JackOil (8.3%). * Both the stratigraphy and reservoir horizons encountered by the well were in line with the pre-drill geological forecast * Preliminary petro-physical evaluation of MWD (measurement whilst drilling) log data has indicated reservoirs that may contain hydrocarbons with sufficient porosity and permeability to flow at commercial rates - over 30 metres measured thickness of potential hydrocarbon pay in three main intervals: + Penistone Flags - up to 19.8 metres measured thickness (15.9 metres vertical thickness) of potential hydrocarbon pay + Wingfield Flags - up to 5.64 metres measured thickness (5.1 metres vertical thickness) of potential hydrocarbon pay + Ashover Grit - up to 6.1 metres measured thickness (5.8 metres vertical thickness) of potential hydrocarbon pay * Elevated mud gas readings were observed over large parts of the interval from the top of the Penistone Flags reservoir target (1,831.5 metres MD) to TD * The next step is to further evaluate the three reservoirs by well testing to define fluid type(s), reservoir properties, production rates and commerciality * The well is currently being completed with a 4 ½" liner to enable selective and sequential testing of the intervals as part of an extended well test, for which planning consent is already in place * Test operations using a work-over rig are expected to commence during October 2014 * Wressle is a conventional hydrocarbon prospect located in the East Midlands Petroleum Province, 5 km southeast of and along the same structural trend as the Europa operated, Crosby Warren field which has been producing oil for almost 28 years * Wressle's pre-drill gross mean prospective resources are estimated by Egdon to be 2.1 million barrels of oil Europa's CEO, Hugh Mackay said, "This is an encouraging start to our two well2014 East Midlands exploration programme. From a technical perspective, Wressleis clearly a success and the upcoming test programme will determine whether itwill be deemed commercial. Drilling and logging has validated the pre-drillgeological model and bodes well for our future drilling activity. Shareholderswill not have to wait long for our next well, the 2.9 mmbo Kiln Lane prospecton the neighbouring PEDL 181 licence, which remains on track to spud in Q4 2014. "Also in 2014, we are due to receive a new prospect inventory from theoperator, Kosmos Energy, for our two licences offshore Ireland in the SouthPorcupine Basin. This will be based on 3-D seismic acquired in H2 2013 overpreviously identified prospects on our acreage, both of which havecompany-making potential. We will be issuing a CPR for the updated prospects inQ4 2014. Subject to the results, Kosmos continues to advise that a first well,for which we are fully funded, could be spudded in 2016. Meanwhile onshoreFrance well planning and permitting is progressing for a well targeting the416Bcf shallow gas prospect on the Bearn des Gave permit, in tandem with theon-going farm-out process. With all this activity in mind, Europa will not beshort of newsflow over the next few months and I look forward to providingfurther updates on our progress." * * 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 Henrik Persson 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 170 boepd in the UKduring the first half of the 2013/2014 financial year, generating sufficientrevenues to cover corporate overheads and some exploration expenditure. Itshighly prospective exploration projects include the Wressle and Kiln Laneprospects in the UK where wells are due to be drilled this year; 100% owned gasexploration prospect (416 bcf) and appraisal project (CPR 277 bcf) in onshoreFrance; and a joint venture with leading independent Kosmos to explore twolicences in offshore Ireland in which Europa had previously identified twoprospects with estimated gross mean un-risked indicative resources of 482million barrels oil and 1.6 billion barrels oil respectively.