Europa Oil & Gas (Holdings) Plc Transfer of Operatorship of PEDL143 Licence
March 14 2019 - 3:00AM
UK Regulatory
TIDMEOG
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas
14 March 2019
Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company')
Transfer of Operatorship of PEDL 143 Licence, UK Onshore
Europa Oil & Gas (Holdings) plc, the UK and Ireland focused oil and gas
exploration, development and production company, is pleased to announce that it
is in the process of transferring its operatorship of UK onshore licence PEDL
143 ('the Licence') to UK Oil & Gas plc ('UKOG'). Europa will continue to hold
a 20% interest in the Licence, which is located in the Weald Basin, Surrey,
alongside UKOG (40%), Egdon Resources plc (18.4%), Angus Energy plc (12.5%),
Union Jack Oil plc (7.5%) and Altwood Petroleum (1.6%).
The decision to transfer operatorship of PEDL 143 is based on Europa's focus on
its high impact portfolio of exploration licences in Atlantic Ireland, its
existing producing assets onshore UK, and the Company's pursuit of new ventures
in its chosen areas of focus, specifically the Atlantic seaboard, North Africa
and NW Europe.
With its operational activities centred on the Weald Basin, the Company
believes UKOG's direct experience with, and technical knowledge of, the
Portland and Kimmeridge plays at the nearby Horse Hill discovery, will help
inform a forward plan for the Licence.
The transfer of PEDL143 operatorship to UKOG is subject to Oil and Gas
Authority consent.
Further Information
PEDL143 is located in the Weald Basin, Surrey and contains the conventional
Holmwood prospect which has estimated gross mean prospective resources of 5.6
million boe.
In September 2015, planning permission was granted to drill a temporary
exploratory borehole from the Bury Hill Wood site to a depth of 1,400m. In
July 2018, the Environment Agency granted a permit to allow the drilling and
testing of a single well for the purposes of oil and gas exploration, while the
initial term of PEDL143 was extended by the Oil and Gas Authority to 30
September 2020.
In September 2018, the Secretary of State for the Environment, Food and Rural
Affairs, refused an application to extend the site lease. Acting on behalf of
the partnership, Europa withdrew its application to extend planning permission
to drill the Holmwood exploration well from the Bury Hill Wood site, which has
since been re-instated. The joint venture group continues to investigate
opportunities to drill elsewhere within the licence to test the significant
Portland and Kimmeridge prospect underlying the centre of the block, which is a
look-a-like structure to the nearby Horse Hill field.
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 1.5 tcf gas across all six
licences.
END
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