Europa Oil & Gas Regulatory News (EOG)

24 Feb 2010 07:00

24 February 2010

Voitinel area potential resource upgraded to 400bcf

The Directors of Europa Oil & Gas (Holdings) plc are pleased to report that the Aurelian Oil & Gas plc, Operator of the Brodina Block, northern Romania, have today provided a market update on operations and resource potential for the Voitinel trend.

Additional information provided by Romgaz on recent drilling results at Paltinu confirms that the gas fairway tested in Voitinel-1 extends at least 20km along trend to the southeast from the well and encompasses the undrilled Solca structure. As a consequence of these drilling results, Aurelian has upgraded the potential gas-in-place along the Voitinel-Solca trend from previous estimates of 50-100bcf to 400bcf on-block.

In April, a fracture stimulation of the zone in Voitinel-1 that flowed 3mmscfpd dry gas will be followed by the testing of a second zone. In parallel, Romgaz will be testing the Paltinu-102 well. Further appraisal drilling on Voitinel is anticipated later in 2010.

Paul Barrett, Managing Director of Europa, said "This upgrade reaffirms the significant resource potential in the central part of the Brodina Block as initially indicated by Voitinel-1. Further testing work in April will go a long way to allowing these gas volumes to be booked as a significant Contingent Resource in an EU jurisdiction close to infrastructure. Europa's 28.75% working interest in Brodina therefore has the near-term potential to become an extremely valuable asset for the Company."

Further information is included in Aurelian's RNS of today's date.

For further information, please contact:

Paul Barrett Europa Oil & Gas +44 1235 553 266Jonathan Wright Seymour Pierce +44 20 7107 8000