Last checked at 19 Aug 2009 08:00
Bacau Licence Update - Lilieci-1
The Directors of Europa Oil & Gas (Holdings) plc wish to provide an update on the Company's Bacau Licence interest in the Romanian Carpathians. Following analysis of the test results from Lilieci-1, the Directors have decided not to participate in the development of Lilieci on commercial grounds.
The consequence of this is that Europa foregoes its 19% working interest in the Lilieci discovery but retains its interest in the remainder of the block, covering some 1,250km2 and including oil plays in the thrust belt in the western part of the licence. This area remains underexplored and is likely to benefit from further seismic investigation in 2010. The Operator, based on the remaining prospectivity of the licence, has received approval from the JV to negotiate a four year licence extension with the Romanian authorities.
Paul Barrett, Managing Director, said `Our commercial decision to test the Sarmatian gas play in Lilieci at almost zero cost to Europa was a sound one. The exploration emphasis now moves to the potentially higher impact sub-thrust play in the Romanian Carpathians with the imminent spudding of Voitinel-1.'
For more information, please contact:
Paul Barrett Europa Oil & Gas +44 1235 553 266Jonathan Wright Seymour Pierce +44 207 107 0800
The technical opinions expressed in this press release are the professional opinions of Paul Barrett M.Sc., a geologist with 30 years mainstream oil and gas experience.
EUROPA OIL & GAS (HOLDINGS) PLC