REG-Europa Oil & Gas (Holdings) PLC: Award of Licence in Southern North Sea <Origin Href="QuoteRef">EOG.L</Origin>

Europa Oil & Gas (Holdings)Announcement

28/07/2015 07:00

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

28 July 2015

          Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company')          

                    Award of Licence in Southern North Sea                     

Europa Oil & Gas (Holdings) plc, the AIM quoted oil and gas company with a
combination of producing and exploration assets in Europe, is pleased to note
the announcement on 27 July 2015 by the Oil and Gas Authority, the UK oil and
gas regulator, confirming the conditional award of a Promote Licence over Block
41/24 in the Southern North Sea to a joint venture comprising Europa Oil & Gas
Limited (Europa) (50%) and Arenite Petroleum Limited (Arenite) (50%), a private
company registered in Scotland.  The Licence has been awarded as part of the
28th Seaward Licensing Round as part of the Second Tranche of Offers.

Block 41/24 adjoins the Yorkshire coast and contains 41/24a-1 & 2 stranded gas
discoveries in Permian-aged Zechstein Carbonates and was previously held by
Europa as a Traditional Licence (P.1131) from the 21st Round.  The exploration
emphasis of this Promote Licence is to address the Carboniferous prospectivity
in the Namurian and Dinantian sequences.  The adjoining onshore extension of
the Cleveland Basin contains a number of gas fields and discoveries including
Kirby Misperton, Ebberstone Moor and Cloughton.

The Promote Licence is for two years duration and requires financial, technical
and environmental capacity to be in place and a firm drilling (or agreed
equivalent substantive activities) commitment to have been made by the end of
the second year. Once this milestone has been achieved, the licence will become
a Traditional licence with a duration of up to 26 years.

Europa CEO Hugh Mackay said "We are delighted to announce this award. As a
consequence of previous and ongoing work we have considerable technical
expertise on Carboniferous prospectivity as well as substantive seismic and
other technical data in this area. The Promote Licence terms enable us to
leverage this capability whilst at the same time managing costs and financial
exposure.  The oil and gas industry onshore UK has been developing new
exploration ideas and we hope to apply some of these ideas to good effect in
the offshore extension.  With the results of the latest UK onshore licensing
round expected shortly and the ongoing round offshore Ireland, we continue to
look to add to our exciting portfolio of multistage projects, which includes
the company-making potential of our existing joint venture with Kosmos offshore
Ireland, as well as the significant Wressle discovery onshore UK."

                                 * * ENDS * *                                  

For further information please visit http://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                
                                                                    
Frank Buhagiar    St Brides Partners Ltd        + 44 (0) 20 7236    
                                                1177                
                                                                    
Lottie            St Brides Partners Ltd        + 44 (0) 20 7236    
Brocklehurst                                    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 H1/2015 Europa produced 144 boepd
generating sufficient revenues to cover corporate overheads and some
exploration expenditure.  Its highly prospective exploration projects include
the Wressle discovery (recently drilled and tested at an aggregate of 710 boepd
from 4 zones) in the UK; 100% owned gas exploration prospect (107 bcf) and
appraisal project (CPR 277 bcf) in onshore France a joint venture with
Vermillion Energy also in onshore France; and a joint venture with leading
independent Kosmos to explore two licences in offshore Ireland with the
potential to host gross mean un-risked Prospective Resources approximately 1.7
billion barrels across both licences.



END



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