Europa Oil & Gas (Holdings) PLC Wressle Update (1185I)
03 August 2023 - 8:00AM
UK Regulatory
TIDMEOG
RNS Number : 1185I
Europa Oil & Gas (Holdings) PLC
03 August 2023
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
3 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, announces that the Wressle 1 well ("W1") (in
which Europa has a 30% interest) has begun to produce a small
amount of water, which accounted for an average of 3.72% of the
total production fluid during July 2023. The well continues to free
flow without the need for artificial lift and as of the end of July
2023 the cumulative production from the W1 well totalled 492,876
bbls of oil.
With water production starting at this late stage, it provides
further evidence that the expected recoverable volumes from the
Ashover Grit will be at the top end of the estimates detailed in
the independent Competent Person's Report ("CPR") prepared by ERC
Equipoise Ltd ("ERCE") and announced on 26 September 2016. The 2016
CPR forecast gross volumes from the Ashover Grit of 2P 0.54 MMstb
and 3P 1.12 MMstb.
As announced on 17 January 2023, a new CPR has been commissioned
and the work, which is being undertaken by ERCE, continues. With
the advent of water production, ERCE is revisiting the reservoir
modelling and incorporating the event into the various work
streams. This has delayed the completion of the report but the
results of the ERCE work will be announced in due course when
available.
Will Holland, Chief Executive Officer of Europa, said:
"The contribution of formation water has been long expected at
the W1 well and we are prepared to handle the water. The size of
the oil accumulation within the Ashover Grit formation is still
expected to be at the top end of the original CPR estimate and I
look forward to updating the market with the updated reserves once
the new production data has been incorporated into the dynamic
reservoir model. This will ensure that the second development well
is drilled in the optimal location and that the recovery rate is
maximised."
* * ENDS * *
For further information, please visit www.europaoil.com or
contact:
William Holland Europa Oil & Gas (Holdings) mail@europaoil.com
plc
Strand Hanson Limited
- Nominated & Financial +44 (0) 20 7409
James Dance / James Spinney Adviser 3494
+44 (0) 20 7186
Peter Krens Tennyson Securities 9033
Patrick d'Ancona / Finlay + 44 (0) 20 7390
Thomson / Kendall Hill Vigo Consulting 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.
Glossary
2P Proven and Probable
3P Proven, Probable and Possible
bbls barrels
MMstb million stock tank barrels
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