Europa Oil & Gas (Holdings) plc /
Index: AIM / Epic: EOG / Sector: Oil & Gas
26 October 2016
Europa Oil &
Gas (Holdings) plc (‘Europa’ or ‘the Company’)
Publication
of 1.5 billion boe CPR on Offshore Ireland Licence
Europa Oil & Gas (Holdings) plc, the AIM listed oil and gas
exploration, development and production company focused on
Europe, is pleased to announce
that, following the conclusion of the 2015 Atlantic Ireland
Licensing Round, the Competent Persons Report (CPR) undertaken by
ERC Equipoise Ltd (`ERCE') covering Frontier Exploration Licence
(‘FEL’) 3/13 in the Porcupine Basin, offshore West Ireland has been uploaded onto the
Company’s website.
The report can be found
http://www.europaoil.com/reportsandpresentations.aspx.
A summary of the CPR was announced on 12
May 2015 and identified combined gross mean un-risked
prospective resources of 1.5 billion boe across three Cretaceous
fan prospects (Beckett, Shaw and Wilde) in FEL 3/13. Further
work by ERCE announced on 26 October
2015 indentified US$7 billion
net mean un-risked NPV10 for Europa’s 100% interest in these three
prospects in FEL 3/13.
Prospect Wilde in FEL 3/13 is considered drill ready and has
gross mean un-risked prospective resources of 428 million boe, a
chance of success of 1 in 5.3 and a drill cost of US$37 million, excluding mobilisation and
demobilisation. Europa’s intended well location on Wilde
would also penetrate the edge of Prospect Beckett and would
therefore potentially provide critical information about this 728
million boe prospect.
Europa is participating in the Atlantic Ireland conference in
Dublin on 1 and 2 November 2016 where it has a stand and will be
making two presentations:
- “Insights into the geology of the South Porcupine from 3D
seismic over FEL's 2/13 and 3/13”; and
- “Europa Atlantic Ireland - acreage, prospects and farm-out
timeline”.
Both presentations will be posted onto Europa’s website.
The Board would be pleased to meet interested parties in
Dublin to discuss insights and
opportunities arising from the Company’s Atlantic Ireland
portfolio.
* * ENDS * *
For further information please visit http://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 |
Susie Geliher |
St Brides Partners Ltd |
+ 44 (0) 20 7236 1177 |
Notes
Europa Oil & Gas (Holdings) plc has a diversified portfolio
of multi-stage hydrocarbon assets that includes production,
exploration and development interests, in countries that are
politically stable, have transparent licensing processes, and offer
attractive terms. In 2016 Europa produced 123 boepd.
Its highly prospective exploration projects include the Wressle
development (targeting production start-up in early 2017 at up to
500 bopd gross) in the UK; and seven licences offshore Ireland with the potential to host gross mean
un-risked prospective and indicative resources of more than 4
billion barrels oil equivalent and 1.5 tcf gas across all seven
licences.
Qualified Person Review
This release has been reviewed by Hugh
Mackay, Chief Executive of Europa, who is a petroleum
geologist with 30 years' experience in petroleum exploration and a
member of the Petroleum Exploration Society of Great Britain, American Association of
Petroleum Geologists and Fellow of the Geological Society. Mr
Mackay has consented to the inclusion of the technical information
in this release in the form and context in which it appears.