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Pin to quick picksEuropa Oil & Gas Regulatory News (EOG)

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Wressle Update

3 Aug 2023 07:00

RNS Number : 1185I
Europa Oil & Gas (Holdings) PLC
03 August 2023
 

 

Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas

 

3 August 2023

 

Europa Oil & Gas (Holdings) plc

("Europa" or the "Company")

 

Wressle Update

 

Europa Oil & Gas (Holdings) plc, the AIM traded UK and Ireland focused oil and gas exploration, development, and production company, announces that the Wressle 1 well ("W1") (in which Europa has a 30% interest) has begun to produce a small amount of water, which accounted for an average of 3.72% of the total production fluid during July 2023. The well continues to free flow without the need for artificial lift and as of the end of July 2023 the cumulative production from the W1 well totalled 492,876 bbls of oil.

 

With water production starting at this late stage, it provides further evidence that the expected recoverable volumes from the Ashover Grit will be at the top end of the estimates detailed in the independent Competent Person's Report ("CPR") prepared by ERC Equipoise Ltd ("ERCE") and announced on 26 September 2016. The 2016 CPR forecast gross volumes from the Ashover Grit of 2P 0.54 MMstb and 3P 1.12 MMstb.

 

As announced on 17 January 2023, a new CPR has been commissioned and the work, which is being undertaken by ERCE, continues. With the advent of water production, ERCE is revisiting the reservoir modelling and incorporating the event into the various work streams. This has delayed the completion of the report but the results of the ERCE work will be announced in due course when available.

 

Will Holland, Chief Executive Officer of Europa, said:

 

"The contribution of formation water has been long expected at the W1 well and we are prepared to handle the water. The size of the oil accumulation within the Ashover Grit formation is still expected to be at the top end of the original CPR estimate and I look forward to updating the market with the updated reserves once the new production data has been incorporated into the dynamic reservoir model. This will ensure that the second development well is drilled in the optimal location and that the recovery rate is maximised."

 

* * ENDS * * 

For further information, please visit www.europaoil.com or contact:

William Holland

Europa Oil & Gas (Holdings) plc

mail@europaoil.com

James Dance / James Spinney

Strand Hanson Limited - Nominated & Financial Adviser

+44 (0) 20 7409 3494

Peter Krens

Tennyson Securities

+44 (0) 20 7186 9033

Patrick d'Ancona / Finlay Thomson / Kendall Hill

Vigo Consulting

+ 44 (0) 20 7390 0230

 

Notes to Editors

Europa Oil & Gas (Holdings) plc has a diversified portfolio of multi-stage hydrocarbon assets which includes production, development and exploration interests, in countries that are politically stable, have transparent licensing processes, and offer attractive terms. Average production for the 6-month period ending 31 January 2023 was 268 bopd. In April 2022, Europa farmed into P.2358, Block 13/23c ("Serenity") in the Outer Moray Firth area of the North Sea. The licence contains the 2019 Serenity oil discovery, in which Europa has a 25% interest. The Company holds one exploration licence offshore Ireland, which has two principal prospects, the largest of which has the potential to host gross mean un-risked prospective resources of 1.5 trillion cubic feet ("tcf") gas. Inishkea is a near field gas prospect in the Slyne Basin which the Company classifies as lower risk due to its close proximity to the producing Corrib gas field and associated gas processing infrastructure.

 

Glossary

2P Proven and Probable

3P Proven, Probable and Possible

bbls barrels

MMstb million stock tank barrels

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DRLPTMATMTAMBAJ
Date   Source Headline
4th Apr 20185:18 pmPRNHolding(s) in Company
4th Apr 20187:00 amPRNInterim Results
14th Mar 20187:00 amPRNShareholder Newsletter & LO 16/20 Inishkea update
19th Feb 20187:00 amRNSEA minded to award permit for Holmwood
25th Jan 20187:00 amPRNBoard Changes
18th Jan 201810:00 amPRNCorrection: Update on Wressle, North Lincolnshire
18th Jan 20187:00 amPRNUpdate on Wressle, North Lincolnshire
5th Jan 20187:00 amPRNWressle Development Planning Appeals Rejected
14th Dec 20174:03 pmPRNResult of AGM
14th Dec 201711:00 amRNSShareholder Newsletter
14th Dec 20177:00 amPRNAGM Statement
13th Dec 20177:00 amPRNTechnical Update on LO16/20 Offshore Ireland
4th Dec 20177:00 amPRNP2034 Offshore Licence Sale
21st Nov 20177:00 amPRNUpdate on Holmwood Well, PEDL 143, Weald Basin
30th Oct 20177:00 amPRNFinal Results
19th Oct 20177:00 amPRNUpdate on Holmwood well, PEDL 143, Weald Basin
26th Sep 20173:30 pmPRNWressle Oil Discovery Update
18th Sep 20177:00 amRNSShareholder Newsletter
21st Aug 20172:00 pmPRNWressle Farm-In Agreement - Update
1st Aug 20178:00 amRNSShareholder Newsletter
13th Jul 20177:00 amPRNWressle Planning Appeal Update
10th Jul 20177:00 amRNS3D seismic acquisition offshore Ireland
3rd Jul 20173:42 pmPRNUpdate on Wressle Oil Discovery
30th Jun 20177:00 amPRNWressle Planning Meeting
19th Jun 20177:00 amPRNUpdate on three Offshore Ireland licences
13th Jun 20172:30 pmRNSDirector/PDMR Shareholding
13th Jun 20179:24 amPRNGrant of options
13th Jun 20177:00 amPRNHolding(s) in Company
12th Jun 201712:11 pmRNSResult of General Meeting
12th Jun 20177:00 amPRNResult of Open Offer
24th May 20177:00 amPRNIssue of Equity & Notice of General Meeting
19th May 20177:00 amPRNIssue of EA Permit Variation for Wressle Discovery
8th May 20177:00 amPRNCPR Confirms Two Large Prospects Offshore Ireland
3rd May 20177:00 amPRNNew Planning Application for Wressle Discovery
27th Apr 20177:00 amPRN4 New Prospects Identified on Offshore Ireland Licence
26th Apr 20177:00 amPRNFarm-out of Irish Licence to Cairn Energy Approved
25th Apr 20177:00 amRNS3D Seismic Survey for Offshore Ireland Licence
11th Apr 20177:00 amPRNUpdate on Wressle Oil Discovery
4th Apr 20177:00 amPRNInterim Results
14th Mar 20177:00 amPRNAssignment of interest in UK onshore Licence
8th Mar 20177:00 amPRNUS$6m Farm-Out of Ireland Licence to Cairn Energy
21st Feb 20172:04 pmPRNExtension of Agreement to Sell Interest in Wressle
9th Feb 20177:00 amPRNDirector/PDMR Shareholding
7th Feb 20177:00 amPRNUpdate on Wressle Oil Discovery
6th Feb 20177:00 amPRNFarm-Out of Holmwood, Weald Basin
11th Jan 20174:16 pmPRNUpdate on Wressle Oil Discovery
8th Dec 20165:32 pmPRNResult of AGM
8th Dec 20167:00 amPRNAnnual General Meeting Statement
24th Nov 20161:28 pmPRNSale of Interest in Wressle Discovery to Upland
22nd Nov 20167:00 amPRNCompletion of Sale of Interest in Wressle Discovery

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