Last checked at 19 Mar 2013 07:00
EUROPA OIL & GAS (HOLDINGS) PLC - Seismic Acquisition Commences on PEDL181, UK OnshoreEUROPA OIL & GAS (HOLDINGS) PLC - Seismic Acquisition Commences on PEDL181, UK Onshore
PR Newswire
London, March 18
Europa Oil & Gas plc / Index: AIM / Epic: EOG / Sector: Oil & Gas
19 March 2013
Europa Oil & Gas (Holdings) plc (`Europa' or `the Company')
Commencement of 2D seismic acquisition on PEDL 181, East Lincolnshire
Europa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration anddevelopment company with a combination of producing and exploration assets inEurope, is pleased to provide an update on its 50% owned and operated PEDL 181licence (`the Licence' or `PEDL 181') located in East Lincolnshire, a known oilproducing region, and covering a total area of approximately 540 sq km.
Overview:
* Several prospects/leads confirmed on PEDL 181 following technical evaluation * Four leads in the southern part of the licence all with reservoirs of Carboniferous age are to be the focus of immediate further work: * + Three leads lie within the North East trending Caistor anticline + One lead, named Cuxwold, is located to the south of the Caistor anticline trend * PEDL 181 is located in a working hydrocarbon system: * + a number of discoveries have been made along the Brigg-Broughton anticline - an analogous trend to the west of Caistor anticline + Europa's existing oil production at the Crosby Warren field lies at the westernmost end of the Brigg-Broughton anticline - the Immingham Refinery, the outlet for this production is also nearby * Acquisition of 78 line kms of 2D seismic along with the reprocessing of 150 sq. km of existing 3D seismic over the Caistor anticline has commenced * The new data will be integrated into the existing dataset with the objective of evaluating the four leads, maturing them into prospects, and defining a future drilling programmeEuropa's CEO, Hugh Mackay commented, "The identification of four leads on PEDL181, which is located next to the PEDL 180 & 182 licences, where we are due todrill an exploration well this year, and our producing oil field at CrosbyWarren, is highly encouraging. As previously identified targets are drilled, itis important we maintain a pipeline of leads and prospects at various stages ofdevelopment. Our strategy of developing a diversified asset base comprised ofmultiple licences including UK production and exploration, a gas appraisalproject onshore France, and high impact frontier exploration in the IrishAtlantic Margin where we recently identified two large prospects, provides aportfolio for future drilling. The results of the 2D seismic acquisitionprogramme, alongside the interpretation of the reprocessed existing 3Ddatasets, will further define the prospectivity of the PEDL 181 licence anddetermine our future work programme."
Further Information
Europa has a 50% interest in and is the operator of the PEDL 181 licence, withEgdon Resources UK Limited and Celtique Energie Petroleum Ltd. each holding a25% interest. PEDL 181 was awarded to Europa in 2008 as part of the 13th UKOnshore Licensing Round. On completion of the 2D survey all Part 1 licencecommitments for the initial period, which expires on 30 June 2014, will havebeen met. Continuation of the licence into the second term requires thecommitment to drill a well prior to 1 June 2014.
The Caistor anticline structure trending ENE through PEDL 181 is a mirror imageof the highly petroliferous Brigg Broughton anticline trending WNW throughPEDLs 180, 182 and 241. Several significant oil discoveries have been madealong this latter trend at Brigg, Broughton and Glanford and it also includesthe Crosby Warren oil field operated by Europa. The Wressle prospect in PEDL182, in which Europa holds a 33% interest, is currently planned to be drilledlater this year and will be a further test of this trend. In addition, PEDL 181lies northwest of the producing Saltfleetby gas and Keddington oil fields.
The hydrocarbon play type being investigated is the classic East Midlands play.Namurian aged sandstones are the principal target although Westphalian Sandsand Dinantian Carbonates are also considered targets. Sourcing of the leads isexpected from Bowland Shale equivalents in the South Humber Basin located tothe south of PEDL 181. Intra Carboniferous shales will provide the seals.Trapping geometries targeted initially are structural traps in the form ofinverted hanging wall roll overs that form the Caistor anticline.
The acquisition contractor for the 2D seismic programme will be TeslaExploration International Limited, a highly experienced company in onshore UKseismic acquisition with considerable familiarity of the area. Most recentlythe company acquired a 3D survey over PEDLs 180 and 182 for the same licencegroup. The PEDL 182 licence will be drilled as a result of this survey laterthis year. The survey is designed to infill the existing seismic coverage butalso repeat some existing key lines over the Cuxwold lead.
Processing of the 2D and re-processing of the 3D will be performed by Divestcobased in Calgary, Canada. Divestco have relevant experience of working in thearea having recently processed the PEDLs 180 and 182 3D survey. Two 3D surveyswill be re-processed, the Immingham survey, originally acquired by BP in 2002,and a portion of the Howsham 3D acquired in 2001. The two 3D surveys and new 2Dsurvey will be processed together to provide a tied and unified dataset toevaluate the four leads.
**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 NotesEuropa 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 currently producesapproximately 180 boepd in the UK, generating sufficient revenues to covercorporate overheads. In addition, it has highly prospective explorationprojects in the UK, Ireland and France.