Europa Oil & Gas (Holdings) Plc Existing Planning Consent for Wressle Extended
January 25 2019 - 2:00AM
UK Regulatory
TIDMEOG
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas
25 January 2019
Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company')
Extension of Existing Planning Consent for Wressle Oil Discovery Granted
Europa Oil & Gas (Holdings) plc, the UK and Ireland focused oil and gas
exploration, development and production company, notes today's update from
Egdon Resources ('Egdon') that its application to extend the existing planning
consent for the Wressle site by a year, was approved by the Planning Inspector
on appeal yesterday. Europa has a 30% working interest in licence PEDL 180 in
the East Midlands which holds the Wressle oil discovery, alongside Egdon
(operator, 30%), Union Jack Oil (27.5%), and Humber Oil & Gas Limited (12.5%)
('the Joint Venture partners').
The original application to extend the existing planning consent was refused by
North Lincolnshire Council's (the "Council") Planning Committee on 1 August
2018, despite having been recommended for approval by the Council's Planning
Officer. This extension to the existing planning consent to 24 January 2020
should allow the required time for the determination by a Planning Inspector of
an appeal against the refusal by the Council's Planning Committee of the
Company's application for the development of the Wressle oil field (see
announcement of 28 November 2018 for further details). Egdon plans to submit
the appeal documentation in relation to this in the coming week and further
updates will be provided in due course.
The Wressle oil field was discovered by the Wressle-1 well in 2014. During
testing in 2015, Wressle-1 flowed oil and gas from three separate reservoirs,
the Ashover Grit, the Wingfield Flags and the Penistone Flags. A total of 710
barrels of oil equivalent per day were recovered from all zones. In September
2016, a Competent Person's Report provided independent estimates of Reserves
and Contingent and Prospective oil and gas Resources for the Wressle discovery
of 2.15 million stock tank barrels classified as discovered (2P+2C).
Europa's CEO, Hugh Mackay, said: "With the extension to the existing planning
consent granted, we now look forward to the public inquiry during which a
Planning Inspector will consider the partners' appeal against the Council's
refusal of the revised development plan for Wressle. Recommended for approval
by the Council's Planning Officer and supported by an expert third party review
undertaken on behalf of the Council, we are confident the new proposals for
Wressle comprehensively address the reasons highlighted by the Planning
Inspector in the original appeals in January 2018.
"Having been discovered in 2014, successfully tested in 2015, and independently
estimated in a Competent Person's Report to hold reserves and contingent and
prospective resources of over 2 million stock tank barrels, we are keen for the
Wressle Field to be brought into production at an initial gross rate of 500bopd
or 150bopd net to Europa. At this rate, Europa's net production would more than
double to over 200bopd, generating material cash flows for the Company which,
in turn, can be reinvested into advancing our portfolio of high impact licences
offshore Ireland and late stage appraisal projects onshore UK."
The information communicated in this announcement contains inside information
for the purposes of Article 7 of the Market Abuse Regulation (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
Camille Gochez 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 2018 Europa produced 94 boepd. Its
highly prospective exploration projects include the Wressle development in the
UK (targeting production start-up in 2019 at 500 bopd gross) and six licences
offshore Ireland with the potential to host gross mean un-risked prospective
resources of 6.4 billion barrels oil equivalent and 2.5 tcf undiscovered GIIP
across all six licences.
END
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