REG - Europa Oil & Gas - Corporate Update

Europa Oil & Gas (Holdings)Announcement

27/09/2022 07:00

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RNS Number : 7179A  Europa Oil & Gas (Holdings) PLC  27 September 2022

 

 

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

 

27 September 2022

 

Europa Oil & Gas (Holdings) plc

("Europa" or the "Company")

 

Corporate Update

 

Europa Oil & Gas (Holdings) plc, the AIM traded UK, Ireland and Morocco
focused oil and gas exploration, development, and production
company, provides further clarifications on recent Company announcements in
response to inbound queries.

 

Drilling activities at Serenity are ongoing and further to the announcement on
22 September 2022 these are expected to take 30 days to complete from
spudding. The SA02 appraisal well and contingent side-track will help
establish the extent of the reservoir and the amount of oil in place. SA02 has
been designed to gather information and samples and so be drilled quickly and
cost- effectively and, as such, it is not designed to be converted into a
producing well. However, following a successful result, further wells at
Serenity will likely be completed, as part of a full appraisal and development
plan, to bring the field into production as quickly as possible.

 

Further to the announcement on 9 September 2022, Europa would like to confirm
that £1,000,000 loan facility (the "Loan") that was entered into with Union
Jack Oil plc, is to provide the Company with additional liquidity, over and
above the existing monthly income, and reflects the Company's prudent approach
to cash management. At current forecasts the Company has more than sufficient
funds to cover all of its ongoing obligations and the Loan will provide Europa
with further contingent cash for additional corporate activities that may
occur over the coming months, including drilling a success case side-track at
Serenity. If these additional corporate activities do not all materialise and
the additional funds that the Loan provides are not required, then the Loan
can immediately be repaid in full without penalty.

 

 

* * ENDS * *

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

 Simon Oddie       Europa Oil & Gas (Holdings) plc                            mail@europaoil.com
 William Holland   Europa Oil & Gas (Holdings) plc                            mail@europaoil.com
 Murray Johnson    Europa Oil & Gas (Holdings) plc                            mail@europaoil.com

 James Dance       Strand Hanson Limited - Nominated & Financial Adviser      +44 (0) 20 7409 3494
 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  Vigo Consulting                                            + 44 (0) 20 7390 0230
 Finlay Thomson    Vigo Consulting                                            + 44 (0) 20 7390 0230
 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. Production in the half-year
to 31 January 2022 was 208 boepd. 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 now has a
25% interest. The Company holds one exploration licence offshore Ireland,
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. In September 2019, Europa was awarded a 75% interest in the
Inezgane permit offshore Morocco. Initial results of technical work have
identified 30 prospects and leads that have the potential to hold in excess of
one billion barrels of unrisked oil resources. In December 2021, Europa
announced a collaboration between Baker Hughes and CausewayGT to conduct a
geothermal clean heat project at the Company's West Firsby field. If this
project is successful, it will prove the operational ability to extract and
use geothermal heat from the site.

 

 

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