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

Europa Oil & Gas (Holdings)Announcement

15/01/2024 07:00

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RNS Number : 5940Z  Europa Oil & Gas (Holdings) PLC  15 January 2024

 

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

 

15 January 2024

 

Europa Oil & Gas (Holdings) plc

("Europa" or the "Company")

 

Wressle Production Update - PEDL180/182

 

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 that the Wressle-1 well's gross production is currently
averaging 665 barrels of oil per day, as the Operator, Egdon Resources U.K.
Limited, continues to evaluate the reservoir response to increased pump
rates.

 

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

 

Further to the Company's announcement of 11 January 2023, Europa confirms that
its free cash flow (pre-capex) for 2023 is expected to be approximately £0.8
million and, as at 30 November 2023, the Company's cash position was £4.26
million.  The lower than forecasted full year free cashflow was primarily due
to delayed 2023 Wressle development activities which reduced revenue receipts
for the 2023 calendar year but equally resulted in materially lower capital
expenditure than originally forecasted. The Company has sufficient funds to
cover its forecast capital and operational requirements for 2024.

 

Will Holland, Chief Executive Officer of Europa, said:

 

"As we announced at the end of last year, our engineers are closely monitoring
the W1 well and are optimising the jet pump rate to maximise oil recovery and
value from the well. This remains a dynamic process and we may decide to
increase pump rates further as the well performance continues to be assessed."

 

* * 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 / 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 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. 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.

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