REG - Europa Oil & Gas - Wressle Update

Europa Oil & Gas (Holdings)Announcement

17/01/2023 07:00

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RNS Number : 9061M  Europa Oil & Gas (Holdings) PLC  17 January 2023

 

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

 

17 January 2023

 

Europa Oil & Gas (Holdings) plc

("Europa" or the "Company")

 

Wressle Update

 

Europa Oil & Gas (Holdings) plc, the AIM quoted UK and Ireland focused oil
and gas exploration, development and production company, notes the positive
Wressle production and operational update published today by Egdon Resources
plc ("Egdon").

 

Wressle - PEDL180/182 (Europa: 30%)

 

·    Cumulative oil production of more than 341,100 barrels to 12 January
2023, with no water

·    Current daily production rate of approximately 825-850 barrels of oil
per day ("bopd"), however, a daily rate of in excess of 1,000 bopd was
achieved in late December 2022 following a four day shut-down

·    Three microturbines have been delivered to site; installation and
commissioning is ongoing

·    The microturbines will generate all site electricity and are expected
to enable up to a 20% uplift in oil production

·    3D seismic reprocessing completed and new field interpretation being
finalised to confirm final target locations for future appraisal and
development drilling

·    New Competent Persons Report to be commissioned incorporating the new
field interpretation and exceptional production performance

·    Planning and permitting process for Penistone Flags development has
commenced

·    Drilling of a Penistone Flags development well is planned for H2
2023, subject to receipt of regulatory and planning consents

·    Progressing gas to wire, and gas export options to generate further
revenue streams and to eliminate gas incineration at Wressle

 

Simon Oddie, CEO of Europa, commented:

 

"The Wressle oilfield continues to outperform expectations, generating high
levels of production and revenues. Europa remains committed to advancing the
development plan and consenting process alongside partners Egdon and Union
Jack Oil to enable production from the Penistone Flags reservoir, whilst
planned gas monetisation solutions will not only enhance production from
Wressle and substantially increase revenues, but also eliminate flaring.

 

Wressle represents a significant opportunity to generate further value for our
shareholders, and we remain focused on ensuring the field reaches its full
potential."

 

* * ENDS * *

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

 Simon Oddie / William Holland / Murray Johnson    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. Production for the year
ending 31 July 2022 was 245 bopd. 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.

 

 

 

 

 

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