Europa Oil & Gas (Holdings) Plc Update on Wressle Oil Discovery
July 03 2017 - 10:42AM
UK Regulatory
TIDMEOG
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas
3 July 2017
Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company')
Update on Wressle Oil Discovery
Europa Oil & Gas (Holdings) plc, the UK and Ireland focussed exploration,
development and production company, notes today's update from Egdon Resources
('Egdon') regarding the refusal of planning consent by North Lincolnshire
County Council's Planning Committee for the development of the Wressle Oil
Field ('Wressle') at Lodge Farm, Wressle, North Lincolnshire. Europa has a 30%
* working interest in Wressle alongside Egdon (operator, 25%), Celtique Energie
Petroleum Ltd (30%, after the sale of 3.33% to Union Jack Oil plc which is
subject to OGA approval), and Union Jack Oil plc (15%, following the above
sale).
The decision of the Committee goes against the positive recommendation of the
County Council's Planning Officer, which was determined after an extensive and
thorough review of an amended field development plan. This included more
detailed information to address the specific concerns outlined by North
Lincolnshire County Council in their refusal of the original application on 11
January 2017.
The partners will now move forward with the appeal against the original 11
January 2017 determination which is due to be heard in November 2017.
Europa's CEO, Hugh Mackay, said: "While the Planning Committee's decision is
disappointing, our focus and that of our partners switches to the appeal in
November 2017. We continue to believe the case for developing Wressle, which
lies just 5km away from our own-operated Crosby Warren field in the heart of
the East Midlands petroleum province, is a strong one and I look forward to
providing further updates on our progress in due course.
"Thanks to our portfolio of multistage projects, bringing Wressle on stream was
just one of a number of exciting developments due to take place over the next
few months across our licences. Onshore UK, we are due to drill the 5.6 mmbo
Holmwood prospect, which lies adjacent to the Horse Hill discovery and Brockham
oil field in the Weald Basin. Offshore Ireland, activity is stepping up with
drilling operations due to commence in the Porcupine Basin this summer
following the imminent arrival of the Stena Icemax. With one of the largest
and most diverse licence positions covering 5,818 sq km, six play types, three
basins and 32 prospects and leads, any drilling success in the region will have
positive read across for Europa. The second half of 2017 promises to be an
exciting period for the Company."
*On 24 November 2016, Europa announced it had signed a Sale and Purchase
Agreement ('SPA') with Upland Resources (UK Onshore) Limited ('Upland') in
relation to a 10% interest in PEDLs 180 and 182. Completion of the SPA, which
is subject to approval from the Oil & Gas Authority and the granting of
planning consent, would result in Europa retaining a 20% interest in the
Licences.
The information communicated within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014.
* * 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
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.
END
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