Europa Oil & Gas Regulatory News (EOG)

Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 3 March 2015 Europa Oil & Gas (Holdings) plc (`Europa' or `the Company') Third 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 notetoday's announcement from Egdon Resources (`Egdon') confirming gas productionrates of up to 1.7 million cubic feet per day (`mmcfd') and up to 12 barrels ofoil per day (`bopd'), following the completion of the first of two tests in thePenistone Flags reservoir at the Wressle-1 oil discovery (`Wressle') on LicencePEDL 180 in East Lincolnshire (`PEDL 180'). The Penistone Flags is the third ofthree hydrocarbon bearing zones tested, the first of which, Ashover Grit,tested 80 bopd and 47mcf of gas per day, while the second, the Wingfield Flagstested up to 182 bopd. Europa has a 33.3% working interest in PEDL 180,alongside Egdon (operator, 25%), Celtique Energie Petroleum Ltd (33.3%), UnionJack Oil (8.3%). * First test of a 9 metre perforated interval in the upper part of the Penistone Flags reservoir has been completed, with free flowing gas production rates of up to 1.7 mmcfd and 12 bopd recorded * + Gas flow rates were constrained by the equipment and flaring limits imposed by the environmental permit * No free water was encountered and the oil is of good quality with a gravity of 35o API * Down-hole pressure data, recorded during testing will be analysed to estimate the gas flow rates that could be achieved without flare and permit constraints * Second test to evaluate the gas-oil and oil-water contacts in the lower part of the Penistone Flags reservoir will commence shortly * Following completion of the second Penistone test the Wingfield Flags and Penistone Flags intervals will be isolated with a bridge-plug to enable a longer term pumped production test to determine potential pumped production rates from the Ashover Grit and to further `clean-up' the formation * All data gathered from the test operations will be used to fully evaluate the Wressle discovery which will allow an updated resource assessment to be carried out and to inform field development options Europa's CEO, Hugh Mackay said, "We are delighted that all three payzonestested at Wressle have now produced hydrocarbons. Operations are currentlyfocused on identifying the expected oil leg of the Penistone Flags reservoir.Once these have been completed and the Wressle model updated with all the dataand results obtained, the Ashover Grit will be put on an Extended Well Test todetermine what production rates can be achieved using a pump. With drillingunderway on the neighbouring licence targeting the conventional 2.9mmboe KilnLane prospect, this is an exciting period for Europa, one that will not beshort of high impact news flow. I look forward to providing further updates onour progress as we focus on monetising our asset base and in the processgenerating substantial value for our shareholders." * * 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.