REG - Europa Oil & Gas - Extension of PEDL 343 Licence (Cloughton)

Europa Oil & Gas (Holdings)Announcement

14/02/2024 07:00

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RNS Number : 0196D  Europa Oil & Gas (Holdings) PLC  14 February 2024

 

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

 

14 February 2024

 

Europa Oil & Gas (Holdings) plc

("Europa" or the "Company")

 

Extension of PEDL 343 Licence (Cloughton)

 

Europa Oil & Gas (Holdings) plc, the AIM quoted UK, Ireland and West
Africa focused oil and gas exploration, development and production company, is
pleased to announce an extension to licence PEDL 343 located in the East
Midlands of the UK, which contains the Cloughton gas discovery. Europa is
operator of the licence with a 40% interest.

 

The North Sea Transition Authority ("NSTA") notified Europa that it has agreed
to a two-year extension of the Initial Term to 20 July 2026 and a two-year
extension of the Second Term to 20 July 2028 for PEDL 343. The extension will
enable the Company to continue its ongoing work on the licence, where Europa
estimates Cloughton to have Pmean gross gas initially in place (GIIP) volumes
of 192 BCF. The discovery well at PEDL 343 (Cloughton) flowed good quality
sweet gas at rates of up to 40,000 scf/day on natural flow, and the Company
believes that a well could flow at 6 mmscf/day using the correct completion
techniques.

 

Europa will continue to engage with its various stakeholders required to
obtain the necessary permits and consents needed to drill an appraisal well in
order to demonstrate the productivity of the field.

 

Will Holland, Chief Executive Officer of Europa, said:

 

"We are delighted that the NSTA has granted a two-year extension to PEDL 343
as it allows us to continue to progress the material Cloughton gas discovery
towards commercialisation. We will update the market as we reach further
milestones".

 

* * ENDS * *

 

For further information, please visit www.europaoil.com
(http://www.europaoil.com/)  or contact:

 William Holland / Louise Armstrong                Europa Oil & Gas (Holdings) plc                            mail@europaoil.com
 James Dance / James Spinney / Rob Patrick         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 net production for
the financial year ending 31 July 2023 was 265 bopd. On 21 December 2023 the
Company acquired 42.9% interest in Antler Global, which holds an 80% interest
in the EG08 PSC offshore Equatorial Guinea. EG08 contains an estimated gross
mean un-risked 1.4 trillion cubic feet ("TCF") gas prospective resources that
can be tested with a single well with a 92% chance of success. EG08 is
adjacent to the Chevron licence that contains the Alen gas field which is
connected via pipeline to the Bioko Island LNG plant. Europa took over
operatorship of PEDL 343 ("Cloughton") on 27 July 2023 in which Europa holds a
40% interest and contains an estimated Pmean 192 billion cubic feet ("BCF") of
gas initially in place. Europa holds a 25% interest in P.2358, Block 13/23c
("Serenity") in the Outer Moray Firth area of the North Sea, which the 2019
Serenity oil discovery. 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 TCF gas.
Inishkea West 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

 

 scf/day                                standard cubic feet per day
 mmscf/day                              million standard cubic feet per day
 Pmean                                  probability that the volumes will equal the average of all of the estimates

 

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