REG - Europa Oil & Gas - Wressle Production Update – PEDL180/182

Europa Oil & Gas (Holdings)Announcement

19/12/2023 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:20231219:nRSS2005Xa&default-theme=true

RNS Number : 2005X  Europa Oil & Gas (Holdings) PLC  19 December 2023

 

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

 

19 December 2023

 

Europa Oil & Gas (Holdings) plc

("Europa" or the "Company")

 

Wressle Production Update - PEDL180/182

 

Europa Oil & Gas (Holdings) plc, the AIM quoted UK and Ireland focused oil
and gas exploration, development and production company, is pleased to
announce that the necessary Environment Agency ("EA") approval has now been
received to allow higher volumes of fluids to be handled at surface and nearby
water disposal facilities.

 

Prior to the EA approval being granted, the W1 well at the onshore UK Wressle
oilfield was producing at a stable gross production rate of over 550 barrels
of oil per day ("bopd") (net 165 bopd to Europa), however this rate was
achieved at constrained surface jet pump rates. Since 14 December 2023,
following the EA approval, the surface pump rate has gradually been increased
and the oil production rate over a 24-hour period ending at 7am on 18 December
2023 was 680 bopd (net 204 bopd to Europa). In order to determine the best
rate for the jet pump to optimise oil production rates and for reservoir
management, the well is being carefully monitored as the pump rate is
gradually increased. It is expected that it will be a few weeks before the
well stabilises and an optimised production rate is achieved.

 

The updated Competent Person's Report for Wressle is now being finalised and
will be released in early January 2024.

 

Europa holds a 30% economic interest in PEDL180/182.

 

Will Holland, Chief Executive Officer of Europa, said:

 

"With the necessary EA permit now in place to allow us to utilise the
capability of the jet pump, it is good to see the well responding so well to
the increased pump rate. I believe that the W1 well has the potential to
deliver stable production at materially higher levels than the 550 bopd level
we were producing at and the current rate of 680 bopd is very encouraging.
There will now follow a period where the well will be monitored closely and
the pump rate may be further increased as our engineers optimise the well
performance to maximise oil recovery and value. I look forward to updating the
market with the resulting revised stable oil production rate once this has
been achieved."

 

* * 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 net production for
the financial year ending 31 July 2023 was 265 bopd. The Company took over
operatorship of PEDL343 ("Cloughton") on 27 July 2023 in which Europa holds a
40% interest and contains an estimated 192 billion cubic feet "BCF") of gas in
place. 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 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.

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  DRLQVLFFXLLXFBV