Last checked at 18 Oct 2010 07:00
18 October 2010
ROMANIAN EXPLORATION WELL SPUD
The Directors of Europa Oil & Gas (Holdings) plc are pleased to announce the spud of the Barchiz-1 exploration well in Romania. The Barchiz-1 well, situated in the EPI-3 Brates Concession (Europa 20%), is scheduled to take approximately 30 days to drill to an estimated final total depth of 1,400 metres.
The Barchiz Prospect is 10km from, and on trend with, the Geamana Oilfield (50mmbo reserves). The pre-drill oil-in-place estimate for Barchiz is up to 94mmbo and there are five additional leads on-block in the same structural play which will be significantly upgraded by success at Barchiz. Additionally, leads in the same play have been identified on new seismic data in the Cuejdiu block, immediately to the north of Brates.
It is likely that additional seismic will be acquired in the Brates block in 2011 over the Tazlaul Mare Deep feature, a large thrust structure beneath the Tazlaul Mare Gas Condensate Field, to mature this prospect for drilling. Pre-drill oil-in-place estimates here range up to 225mmbo.
Paul Barrett, Managing Director of Europa, said "Barchiz is Europa's first well in the prolific Carpathian thrustbelt oil play and along with the additional leads and prospects identified in the Brates and Cuejdiu blocks, provides a strong conveyor belt of exciting exploration potential going forward."
Further information:
Europa Oil & Gas
Philip Greenhalgh / Paul Barrett Tel: +44 1235 553 266
finnCap
Sarah Wharry / Henrik Persson, Corporate Finance Tel: +44 207 600 1658 Joanna Weaving, Corporate Broking Tel: +44 207 600 1658
The contents of this news release have been reviewed and approved by Paul Barrett, MSc., a geologist with over 30 years oil and gas experience.
EUROPA OIL & GAS (HOLDINGS) PLC