Last checked at 20 Sep 2010 07:00
20th September 2010
1 mmbo Reserves Upgrade at West Firsby
The Directors of Europa Oil & Gas (Holdings) plc are pleased to provide the results of recent work on the West Firsby Field, which has led to a 250% increase in the P50 remaining reserves numbers to 1.4 million barrels (mmbo).
Merlin Energy Resources undertook a detailed re-mapping of the field using the reprocessed seismic data set, resulting in revised calculations of initial oil-in-place (`STOIIP'). In conjunction, iProdTech consultant engineers reviewed the production history and reservoir engineering data. Their report concludes that there is a significant additional amount of recoverable oil in Zone 1 to that previously recognised.
Total STOIIP is estimated at 20.6 mmbo (P50 case), with total production to date of 1.4 mmbo (7% average recovery factor). However, Zone 2A has produced 25% of its STOIIP whilst Zone 1 only 4%, despite having similar reservoir characteristics. The average East Midlands oilfield recovery factor in these reservoirs is between 15 and 25%. iProdTech estimate a P50 remaining reserve for the field of 1.41 mmbo, of which 60% is in Zone 1.
This represents a 1 mmbo field-wide increase on previous estimates. In order to recover these additional reserves, up to three new wells will be required on the field.
Paul Barrett, Managing Director, said `This review, commissioned in March this year, is the first comprehensive subsurface review of the West Firsby Field for some time and supports the management's view that the field holds significant unrecovered oil volumes. The planned WF9 well therefore has two clear objectives: to significantly increase field production and access these additional Zone 1 reserves.'
For more information, contact:
Europa Oil & Gas Paul Barrett +44 1235 553 266
Astaire Securities Shane Gallwey/Toby Gibbs +44 20 7492 4750 Astaire Securities Charles Vaughan
+44 20 7492 4763
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