Europa Oil & Gas (Holdings) plc /
Index: AIM / Epic: EOG / Sector: Oil & Gas
4 September 2018
Europa Oil &
Gas (Holdings) plc (‘Europa’ or ‘the Company’)
Update on Holmwood
Prospect, Surrey
Europa Oil & Gas (Holdings) plc, the UK and Ireland focused oil and gas exploration,
development and production company, announces that it has been
notified by the Head of Estates at the Forestry Commission that the
Minister for the Environment, Food and Rural Affairs, has decided
not to renew the lease at Bury Hill Wood, Coldharbour Lane, Surrey.
Bury Hill Wood is the proposed site for a temporary
exploration well to test the conventional Holmwood prospect on
licence PEDL 143 in the Weald Basin, Surrey. The lease expires on
12 September 2018.
Following the Minister’s decision, the Company, on behalf of its
partners, will be withdrawing its planning application to drill the
Holmwood prospect from the Bury Hill Wood site.
PEDL 143 has recently been extended until 30 September 2020, and in addition to the
established Portland sandstone reservoir, contains the Kimmeridge
Limestone which, following success at the nearby Horse Hill
discovery, is an emerging play in the Weald Basin. The
Company, with its partners, intends to undertake a full evaluation
of alternative sites from which to target the Holmwood prospect,
and other plays in the licence. Europa Oil & Gas Limited
is operator of PEDL 143 with a 20% interest.
Europa's CEO, Hugh Mackay,
comments: “The Minister’s decision not to renew the lease at
Bury Hill Wood is disappointing, however, we intend to continue to
work closely with our partners to determine how best to take the
licence forward. As well as PEDL143, Europa holds a
multistage portfolio of licences which includes production and
appraisal projects onshore UK and an industry leading licence
position in the Irish Atlantic Margin. Various work streams
are underway across our asset base to advance all our licences and
in the process expose our shareholders to high impact drilling
activity. With this in mind, I look forward to providing further
updates on our progress.”
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the
public domain.
* * ENDS * *
For further information please visit 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 |
Susie Geliher |
St Brides Partners Ltd |
+ 44 (0) 20 7236 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 2017 Europa produced 113 boepd. Its highly
prospective exploration projects include the Wressle development in
the UK (targeting production start-up in 2019 at 500 bopd gross)
and six licences offshore Ireland
with the potential to host gross mean un-risked prospective
resources of 6.2 billion barrels oil equivalent and 2.5 tcf
undiscovered GIIP across all six licences.
Qualified Person Review
This release has been reviewed by Hugh
Mackay, Chief Executive of Europa, who is a petroleum
geologist with 30 years' experience in petroleum exploration and a
member of the Petroleum Exploration Society of Great Britain, American Association of
Petroleum Geologists and Fellow of the Geological Society. Mr
Mackay has consented to the inclusion of the technical information
in this release in the form and context in which it appears.