REG - Europa Oil & Gas - Cloughton Gas in Place Update

Europa Oil & Gas (Holdings)Announcement

11/09/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230911:nRSK9079La&default-theme=true

RNS Number : 9079L  Europa Oil & Gas (Holdings) PLC  11 September 2023

 

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

 

11 September 2023

 

Europa Oil & Gas (Holdings) plc

("Europa" or the "Company")

 

Cloughton Gas in Place Update

 

Europa Oil & Gas (Holdings) plc, the AIM traded UK and Ireland focused oil
and gas exploration, development, and production company, is pleased to
announce that is has completed a preliminary audit of the gross Cloughton gas
in place volumes which has resulted in a Pmean GIIP of 192 BCF and a range as
detailed in the following table.

 

 Cloughton   P90  P50  Pmean  P10
 GIIP - BCF  118  184  192    274

 

Note, it is only statistically correct to sum the Pmean volumes.

 

The discovery well at PEDL 343 (Cloughton) (in which Europa has a 40%
interest) flowed good quality sweet gas at rates of up to 40,000 scf/day on
natural flow and the Company believes that that a well could flow at 6
mmscf/day using the correct completion techniques.

 

Will Holland, Chief Executive Officer of Europa, said:

 

"Our audit of the subsurface data is progressing well and I am pleased that
the in-place volumes are within the range that we were expecting. As
previously announced, the technical work continues and we are now looking at a
conceptual development plan for the field, which we believe will demonstrate
the material potential value of the licence. In parallel with the ongoing
subsurface work we are also engaging with the 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.

 

I look forward to further updating shareholders of our progress as we
establish a conceptual development plan and progress with the stakeholder
engagement."

 

* * ENDS * *

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

 William Holland                                   Europa Oil & Gas (Holdings) plc                            mail@europaoil.com
 James Dance / James Spinney                       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 production for the
6-month period ending 31 January 2023 was 268 bopd. Europa took over
operatorship of PEDL 343 in July 2023; this contains the Cloughton discovery
which has an unaudited GIIP of Pmean 192 BCF, established by summing the
volumes of 5 separate discovered horizons. In April 2022, Europa farmed into
P.2358, Block 13/23c ("Serenity") in the Outer Moray Firth area of the North
Sea. The licence contains the 2019 Serenity oil discovery, in which Europa has
a 25% interest. 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 trillion cubic feet
("tcf") gas. Inishkea 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

BCF                        Billion Cubic Feet

GIIP                       Gas Initially In Place

P10                         10% probability that the
volumes will equal or exceed the high estimate

P50                         50% probability that the
volumes will equal or exceed the best estimate

P90                         90% probability that the
volumes will equal or exceed the low estimate

Pmean                  probability that the volumes will
equal the average of all of the estimates

scf/day                 standard cubic feet per day

mmscf/day         million standard cubic feet per day

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDXVLFBXKLEBBV