Europa Oil & Gas (Holdings) PLC Cloughton Gas in Place Update (9079L)
11 September 2023 - 8:00AM
UK Regulatory
TIDMEOG
RNS Number : 9079L
Europa Oil & Gas (Holdings) PLC
11 September 2023
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
11 September 2023
Europa Oil & Gas (Holdings) plc
("Europa" or the "Company")
Cloughton Gas in Place 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 is has completed a
preliminary audit of the gross Cloughton gas in place volumes which
has resulted in a Pmean GIIP of 192 BCF and a range as detailed in
the following table.
Cloughton P90 P50 Pmean P10
GIIP - BCF 118 184 192 274
---- ---- ------ ----
Note, it is only statistically correct to sum the Pmean
volumes.
The discovery well at PEDL 343 (Cloughton) (in which Europa has
a 40% interest) flowed good quality sweet gas at rates of up to
40,000 scf/day on natural flow and the Company believes that that a
well could flow at 6 mmscf/day using the correct completion
techniques.
Will Holland, Chief Executive Officer of Europa, said:
"Our audit of the subsurface data is progressing well and I am
pleased that the in-place volumes are within the range that we were
expecting. As previously announced, the technical work continues
and we are now looking at a conceptual development plan for the
field, which we believe will demonstrate the material potential
value of the licence. In parallel with the ongoing subsurface work
we are also engaging with the various stakeholders required to
obtain the necessary permits and consents needed to drill an
appraisal well in order to demonstrate the productivity of the
field.
I look forward to further updating shareholders of our progress
as we establish a conceptual development plan and progress with the
stakeholder engagement. "
* * 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. Europa took over operatorship of PEDL
343 in July 2023; this contains the Cloughton discovery which has
an unaudited GIIP of Pmean 192 BCF, established by summing the
volumes of 5 separate discovered horizons. 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
BCF Billion Cubic Feet
GIIP Gas Initially In Place
P10 10% probability that the volumes will equal or exceed the high estimate
P50 50% probability that the volumes will equal or exceed the best estimate
P90 90% probability that the volumes will equal or exceed the low estimate
Pmean probability that the volumes will equal the average of all of the estimates
scf/day standard cubic feet per day
mmscf/day million standard cubic feet per day
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