Europa Oil & Gas Regulatory News (EOG)

Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 19 February 2015 Europa Oil & Gas (Holdings) plc (`Europa' or `the Company') Second Interval at Wressle-1 Well Free Flows Oil & Gas Europa Oil & Gas (Holdings) plc, the AIM quoted oil and gas company with acombination of producing and exploration assets in Europe, is pleased to notethe announcement of Egdon Resources (`Egdon') today confirming free flowing oilproduction rates equivalent to up to 182 barrels of oil per day (`bopd'), alongwith 456 thousand cubic feet (`mcf') of gas per day, following testingoperations on the Wingfield Flags reservoir at the Wressle-1 oil discovery(`Wressle') on Licence PEDL 180 in East Lincolnshire (`PEDL 180'). TheWingfield Flags is the second of three potentially hydrocarbon bearing zones tobe tested at Wressle, the first of which, Ashover Grit, tested 80 bopd and47mcf of gas per day, as announced on 9 February 2015. Europa has a 33.3%working interest in PEDL 180, alongside Egdon (operator, 25%), Celtique EnergiePetroleum Ltd (33.3%), Union Jack Oil (8.3%). * An interval of 3 metres was perforated at a measured depth of between 1,937 to 1,940 metres * Following an initial `clean-up' oil and gas flow, two flow tests using different choke sizes to attempt to optimise oil flow rates were successfully executed on the Wingfield Flags reservoir - from what proved to be a high Gas Oil Ratio oil during the clean up period * + Initial test - free flowing oil production rates equivalent to 116 bopd along with 341 mcf of gas per day were achieved during a 4 hour main flow period using a 16/64" choke + Second test - free flowing oil production rates equivalent to 182 bopd along with 456 mcf of gas per day were achieved during a 5 hour main flow period using a wider 32/64" choke * 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 and Wingfield Flags intervals it is intended that a longer term pumped production test will be undertaken once the on-going test programme has been completed * The Wingfield Flags interval will now be isolated with a bridge-plug and test operations will continue on the Penistone Flags, the third potential payzone, where hydrocarbons are indicated from log data and gas chromatograph analysis Europa's CEO, Hugh Mackay said, "Thanks to free flowing rates of up to 182 bopdfrom test #2 in the Wingfield Flags reservoir and the 80 bopd previouslyachieved from test #1 in the Ashover Grit, Wressle is so far living up to itspre-drill billing as a potential oil and gas discovery that could transform ourexisting production and revenue profile. Even though a final potential payzone,the Penistone Flags, is still to be tested, plans are now being advanced toundertake an extended well test to determine what longer term production ratescan be achieved using pumping equipment. Any oil and gas recovered during thislonger term test will be sold to the market and therefore this test will have apositive impact on Europa's cash flow. Clearly with a 33.3% interest inWressle, Europa has good exposure to the success case. "In addition to its interest in the Wressle discovery, Europa has a 50%interest in and is operator of the upcoming Kiln Lane well targeting a 2.9mmboe conventional oil exploration prospect, some 25km to the east of Wresslein PEDL 181. I look forward to providing further updates on Wressle and KilnLane along with progress made at our onshore France and offshore Irelandlicences as and when it is appropriate to do so, as we continue with ourstrategy to monetise the underlying value of our multistage portfolio oflicences." * * 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 (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) onthe Bearn des Gaves permit and a joint venture with Vermillion Energy in theTarbes Val d'Adour permit 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.