REG - Europa Oil & Gas - Wressle Update

Europa Oil & Gas (Holdings)Announcement

31/08/2023 07:00

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RNS Number : 8517K  Europa Oil & Gas (Holdings) PLC  31 August 2023

 

 

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

 

31 August 2023

 

Europa Oil & Gas (Holdings) plc

("Europa" or the "Company")

 

Wressle Update

 

Europa Oil & Gas (Holdings) plc, the AIM traded UK and Ireland focused oil
and gas exploration, development, and production company, is pleased to
announce that operations to install artificial lift on the Wressle 1 well
("W1") (in which Europa has a 30% interest) have commenced.

 

The operations began with a slickline programme where downhole pressure and
temperature gradients were acquired. Slickline operations have now been
completed and the ongoing work programme includes recompleting the well for
installation of a downhole jet pump and installing the associated surface
equipment. It is expected that these operations will last around three weeks
and that production from the W1 well will be reinstated in late September
2023.

 

The downhole data obtained from these activities is being incorporated into
the ongoing work by ERC Equipoise Ltd and the impact of the artificial lift
will be included in the independent Competent Person's Report which will be
announced once this additional work is completed.

 

Will Holland, Chief Executive Officer of Europa, said:

 

"We have been working closely with our partners at Wressle to identify ways of
maximising the field's performance and the installation of a jet pump to
provide artificial lift has been under consideration as a potential production
enhancement programme for some time. In addition, planning for the Wressle
development drilling programme continues, which will access the Penistone
reserves and utilise the existing infrastructure. I am very pleased that work
is under way and look forward to updating shareholders on our further progress
in due course."

 

* * 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 production for the
6-month period ending 31 January 2023 was 268 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 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 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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