http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Fri, 21 Jul 2017 03:28:25 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - US$1.2bn Corrib stake sale is “very exciting” news for Europa Oil & Gas - analyst ]]> http://www.proactiveinvestors.co.uk/companies/news/180831/us12bn-corrib-stake-sale-is-very-exciting-news-for-europa-oil-gas-analyst-180831.html Royal Dutch Shell PLC’s (LON:RDSB) US$1.23bn sale of a 40% stake in Ireland’s Corrib gas field is “very exciting news” for AIM-quoted Europa Oil & Gas, says City broker finnCap.

On Wednesday, it was announced that Shell was exiting Corrib through a deal with the Canada Pension Plan Investment Board (CPPIB), which is paying an initial US$97mln upfront for the stake in the field, equivalent to 27,000 barrels oil equivalent production per day.

Europa has built a portfolio of exploration assets off Ireland’s west coast and, significantly, this includes acreage immediately next-door to the Corrib field. Here, the explorer could potentially find new gas resources that would possibly feed into the Corrib infrastructure.

Any potential future success in this regard is boosted by Shell’s exit from Corrib, according to finnCap analyst Dougie Youngson, who in a note explained that the major oil firm had no plans to expand what is a strategic asset for the Republic of Ireland.

Europa may be positioned to expand Corrib lifespan

“This is very exciting news for Europa. RD Shell had no interest in doing any further work on Corrib, one can assume that this will not be the case for the new Canadian partners,” the analyst said.

“Corrib will require back fill gas in order to prolong its life and Europa is in the ideal position to provide it if exploration is funded and successful.”

At present, Europa is analysing technical data (existing or ‘legacy’ seismic data) as it assesses the area’s exploration potential and, more broadly, the company is advancing farm-out processes to bring in partners to its Irish projects.

Exploration partners sought for Irish ventures

Earlier this year, Europa agreed its first Irish farm-out deal with Cairn Energy joining the company in a separate exploration venture in the Porcupine basin, in the Atlantic margin.

Cairn at the same time partnered with another AIM-quoted explorer, Providence Resources PLC (LON:PVR) for a separate exploration venture off the west coast. Here, drilling just kicked off this week with the partners targeting some 5 bn barrels of oil potential across the two targets.

This well, the Druid-Drombeg exploration well, is expected to be the first in a number of new drilling projects in the wake of Ireland’s successful 2016 licensing round – which saw majors like Exxon Mobile (NYSE:XOM), BP PLC (LON:BP), China’s CNOOC (NYSE:CEO) and Statoil (NYSE:STO) pick up new projects.

New drilling a catalyst for all Irish explorers

Providence, Cairn and Sosina are all partners in the Druid-Drombeg well - and, significantly, Total has an option to acquire 35% when the results come in – where drilling started earlier this week.

The Stena IceMAX deep-water drillship is contracted for the programme, and operations have now begun after the Minister of Communications, Climate Action and Environment gave consent on July 11.

Providence on Wednesday told investors that a further update will be provided once the Druid prospect has been penetrated, or as appropriate, drilling is then planned to continue down to the underlying Drombeg prospect.

Europa boss Hugh Mackay sees the new drill programme as a potential catalyst for all explorers in Ireland’s Atlantic Margin, not just those staked directly in Druid-Drombeg.

“We were pleased to note that Providence Resources has begun drilling operations on the Druid and Drombeg prospects in the South Porcupine Basin offshore Ireland,” Mackay said on Thursday.

“With the recent arrival of a number of major operators to the region, we believe this well will be the first of many to be drilled over the next few years.

“Success at this or any other well in Atlantic Ireland will have positive read across for our industry-leading portfolio of licences offshore Ireland where we have already identified 32 prospects and leads in a diverse range of six play types and three basins across all seven of our licences.”

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Thu, 13 Jul 2017 09:47:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/180831/us12bn-corrib-stake-sale-is-very-exciting-news-for-europa-oil-gas-analyst-180831.html
<![CDATA[News - Europa Oil & Gas says Wressle planning appeal case is “strong” ]]> http://www.proactiveinvestors.co.uk/companies/news/180815/europa-oil-gas-says-wressle-planning-appeal-case-is-strong-180815.html Europa Oil & Gas Holdings Plc (LON:EOG) has confirmed that an appeal is being made against a second refusal of planning permission for the Wressle field in North Lincolnshire.

The junior oil firm noted that project operator Egdon Resources had announced its intention to appeal the most recent decision by the North Lincolnshire Council planning committee.

It also noted Egdon’s guidance that notices advertising Egdon's intention to appeal will be displayed in the local parishes and published in the local paper over the coming week in accordance with planning law.  An appeal will be submitted without delay shortly afterwards.

An existing appeal, against the first planning refusal, is due early November and Egdon is expected to request that the second appeal is co-joined to the first appeal.

Hugh Mackay, Europa chief executive, in a statement said: “Following a comprehensive consultation and evaluation process, both applications to develop Wressle were recommended for approval by the Council’s Head of Development Management and Building Control, while an environmental permit from the Environment Agency for the proposed development of the site has already been issued. 

“The partners in the Licences believe the case for bringing Wressle into production is strong and we look forward to providing further updates on the appeal process in due course.”

Mackay also highlighted a separate potential catalyst for Europa’s shares, specifically relating to the explorer’s portfolio of assets offshore Ireland.

“We were pleased to note that Providence Resources has begun drilling operations on the Druid and Drombeg prospects in the South Porcupine Basin offshore Ireland,” he said.

“With the recent arrival of a number of major operators to the region, we believe this well will be the first of many to be drilled over the next few years. 

“Success at this or any other well in Atlantic Ireland will have positive read across for our industry-leading portfolio of licences offshore Ireland where we have already identified 32 prospects and leads in a diverse range of six play types and three basins across all seven of our licences.”

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Thu, 13 Jul 2017 07:34:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/180815/europa-oil-gas-says-wressle-planning-appeal-case-is-strong-180815.html
<![CDATA[News - Europa Oil & Gas looks forward to “critical first step” as new seismic campaign starts offshore Ireland ]]> http://www.proactiveinvestors.co.uk/companies/news/180580/europa-oil-gas-looks-forward-to-critical-first-step-as-new-seismic-campaign-starts-offshore-ireland-180580.html Europa Oil & Gas Holdings Plc (LON:EOG) has told investors that the multi-client Crean 3D seismic acquisition campaign is now underway, and it’s acreage is due to be covered during the summer.

The company’s 30% owned Licence Option 16/19 is among the areas being assessed by the programme, carried out by TGS using the Polar Marquis vessel. Cairn Energy is Europa’s partner, which is earning a 70% via a farm-in deal.

"The acquisition of 3D seismic is the critical first step towards unlocking the hydrocarbon potential of any licence in the South Porcupine basin,” said Hugh Mackay, Europa chief executive.

“We are therefore pleased that acquisition operations have begun for LO 16/19. 

“We expect to receive a processed product in 2018 after which we can begin detailed interpretation of the 3D data and in due course deliver a prospect inventory, as we look to add to the 32 prospects we have already identified within our Irish portfolio across six different play types and three basins.”

Europa has previously estimated between 300mln and 1bn barrels of oil potential in LO 16/19 where it sees the potential for several Cretaceous submarine fan systems.

LO 16/19 is one of a number of exploration assets held by Europa off Ireland’s Atlantic Margin, off the west coast.

The exploration portfolio could be boosted by third party drilling – as Providence Resources, Cairn Energy and Total are about to drill a high impact exploration well nearby.

In Monday’s statement, Mackay said: “We note the imminent start of drilling operations in FEL 2/14 some 100km south of LO 16/19.

“The outcome of this well is not only relevant to our Cretaceous fan and Paleocene prospects and leads in the basin, it also has the potential to de-risk all four of our South Porcupine licences across which we have identified gross mean un-risked prospective resources of over 4 billion barrels oil equivalent, half of which have been independently audited by a competent person."

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Mon, 10 Jul 2017 07:31:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/180580/europa-oil-gas-looks-forward-to-critical-first-step-as-new-seismic-campaign-starts-offshore-ireland-180580.html
<![CDATA[RNS press release - 3D seismic acquisition offshore Ireland ]]> http://www.proactiveinvestors.co.uk/companies/rns/3682/LSE20170710070012_13288718/ Mon, 10 Jul 2017 07:00:12 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3682/LSE20170710070012_13288718/ <![CDATA[News - Wressle partners look to Appeal Court as council rejects new development application ]]> http://www.proactiveinvestors.co.uk/companies/news/180241/wressle-partners-look-to-appeal-court-as-council-rejects-new-development-application-180241.html Egdon Resources Plc (LON:EDR) and its partners vowed to press ahead with an appeal as North Lincolnshire County Council again rejected the application to develop the onshore Wressle field.

Mark Abbott, Egdon’s managing director, said:  "We are very disappointed by the decision of the Committee that again goes against the positive recommendation of their Planning Officer which was determined after an extensive and thorough review of our proposals which included more detailed information to address the specific concerns outlined by North Lincolnshire Council in their refusal of the original application on 11 January 2017.

“Our business has been operating exploration and production sites in a safe and environmentally sensitive manner across the region for many years, engaging with communities, employing local people and investing in the local supply chain.

“We will now take forward our appeal against the original 11 January 2017 determination which is due to be heard in November 2017."

Egdon Resources is the operator and owns 25%. Europa Oil & Gas (LON:EOG) owns 30%, Celtique Energie 30% and Union Jack Oil (LON:UJO) 15%.

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Mon, 03 Jul 2017 15:39:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/180241/wressle-partners-look-to-appeal-court-as-council-rejects-new-development-application-180241.html
<![CDATA[News - North Lincolnshire Council to 'Wressle' with oil field planning application next week ]]> http://www.proactiveinvestors.co.uk/companies/news/180098/north-lincolnshire-council-to-wressle-with-oil-field-planning-application-next-week-180098.html The new planning application for the Wressle onshore oil field will be considered by North Lincolnshire County Council’s Planning Committee on Monday (July 3).

The current proposal has the backing of the local authority’s planning department.

Wressle, a significant onshore find, is operated by Egdon Resources Plc (LON:EDG), which owns 25% of the company.

The other major shareholders are Europa Oil & Gas (LON:EOG), which has 30%, Celtique Energie Petroleum, also with 30%, and Union Jack Oil & Gas, which holds 15% (LON:UJO).

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Fri, 30 Jun 2017 07:40:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/180098/north-lincolnshire-council-to-wressle-with-oil-field-planning-application-next-week-180098.html
<![CDATA[News - Europa Oil & Gas extends licences offshore Ireland ]]> http://www.proactiveinvestors.co.uk/companies/news/179432/europa-oil-gas-extends-licences-offshore-ireland-179432.html Europa Oil & Gas (Holdings) Plc (LON:EOG) told investors it has secured an extension for Frontier Exploration Licences (FEL) 2/13 and 3/13, as well as the conversion of Licence Option 16/2 into a FEL.

The first exploration phase will now run to July 2019, allowing the company more time to mature the exploration inventories for the assets.

“Following government approval we will immediately start the work programmes on these licences in the South Porcupine basin,” said Hugh Mackay, Europa chief executive.

“PSDM [Pre-Stack Depth Migration] reprocessing work is already underway to mature prospects and leads particularly in the syn-rift and pre-rift play, as we look to deliver on our target to upgrade at least six of our existing inventory of 32 offshore Ireland prospects to drill-ready status. 

“This work may also further de-risk our existing drill-ready prospects in the Cretaceous fan play.”

Presently, Europa estimates the potential for some 1.49bn barrels of oil equivalent in three identified prospects in FEL 3/13, and 1.12bn barrels in the nine identified prospects within 2/13. At the same time, LO 16/2 has the potential for an estimated 898mln barrels.

Mackay highlighted the boost from the company’s well supported equity funding efforts, which brought in a total of £3.4mln.

“We are fully funded to undertake all our work programmes in Atlantic Ireland immediately and concurrently,” Mackay added.

“Together with the anticipated start-up of exploration drilling elsewhere in the South Porcupine these are exciting times for Atlantic Ireland and for Europa in particular. 

“We look forward to providing our investors further updates as the story evolves.”

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Mon, 19 Jun 2017 07:24:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/179432/europa-oil-gas-extends-licences-offshore-ireland-179432.html
<![CDATA[RNS press release - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/3682/LSE20170613143001_13258980/ Tue, 13 Jun 2017 14:30:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3682/LSE20170613143001_13258980/ <![CDATA[Media files - 'We're in a great position' - Europa Oil & Gas' Hugh Mackay after additional £1.3mln raise ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/7619/-we-re-in-a-great-position-europa-oil-gas-hugh-mackay-after-additional-13mln-raise-7619.html Mon, 12 Jun 2017 14:03:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/7619/-we-re-in-a-great-position-europa-oil-gas-hugh-mackay-after-additional-13mln-raise-7619.html <![CDATA[RNS press release - Result of General Meeting ]]> http://www.proactiveinvestors.co.uk/companies/rns/3682/LSE20170612121128_13257153/ Mon, 12 Jun 2017 12:11:28 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3682/LSE20170612121128_13257153/ <![CDATA[News - Europa Oil & Gas raises additional £1.3mln as it advances projects in UK and Ireland ]]> http://www.proactiveinvestors.co.uk/companies/news/179054/europa-oil-gas-raises-additional-13mln-as-it-advances-projects-in-uk-and-ireland-179054.html Europa Oil & Gas (Holdings) PLC (LON:EOG) confirmed that it has raised £1.3mln through the issue of new shares via a fund-raising.

The latest open offer, following a separate £2.1mln share placing last month, gave the group’s shareholders the opportunity to pick up a total of 24.48mln new shares priced at 6p each. Some 21.5mln shares were picked up, equating to 87.8% of the offer.

Oil sector commentator, Malcolm Graham-Wood said: "Shareholders are wise to do such a thing as one way or another things are beginning to take shape primarily in offshore Ireland but also with some excitement upcoming onshore UK."

In late afternoon trading, Europa Oil & gas shares were changing hands at 6.75p each, up 12.5% or 0.75p on Friday's close and the open offer price.

WATCH: 'We're in a great position', says Europa Oil & Gas boss after additional £1.3mln raise

Europa chief executive Hugh Mackay said: “The institutional and retail investors who have participated in the placing and open offer have gained exposure to an industry-leading licence position in the emerging hydrocarbon hotspot that is offshore Ireland, as well as the existing production of UK onshore’s third largest oil producer. 

“In our view, their timing could not be better.“

Mackay highlighted an expectation that this summer will see the first of a number of new wells to be drilled offshore Ireland, and that any success will “significantly de-risk” Europa’s portfolio of 32 exploration prospects which could potentially host an estimated 4.7bn barrels of oil resources.

READ: Europa Oil says placing demand highlights rising interest in offshore Ireland

The company is partnered in one Irish project with Cairn Energy PLC (LON:CNE), and it is due to acquire new 3D seismic data this summer.

At the same time, the group is continuing farm-out talks with potential new partners for its other Irish assets.

Meanwhile, the Europa boss also noted upside potential onshore UK too.

“In the UK, later this year we will be drilling a potentially high impact conventional well at Holmwood which lies adjacent to the Horse Hill discovery in the Weald and, subject to planning approval, see production commence at Wressle which will almost double our daily output to over 200 bopd,” Mackay added.

 -- Adds video link, analyst comment, share price --

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Mon, 12 Jun 2017 07:53:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/179054/europa-oil-gas-raises-additional-13mln-as-it-advances-projects-in-uk-and-ireland-179054.html
<![CDATA[Media files - Europa fundraise 'to accelerate our licence position in Ireland ' - CEO Hugh Mackay ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/7529/europa-fundraise-to-accelerate-our-licence-position-in-ireland-ceo-hugh-mackay-7529.html Thu, 25 May 2017 12:03:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/7529/europa-fundraise-to-accelerate-our-licence-position-in-ireland-ceo-hugh-mackay-7529.html <![CDATA[News - Europa Oil says placing demand highlights rising interest in offshore Ireland ]]> http://www.proactiveinvestors.co.uk/companies/news/178240/europa-oil-says-placing-demand-highlights-rising-interest-in-offshore-ireland-178240.html Europa Oil & Gas (Holdings) PLC (LON:EOG) said the strong support for its latest fund raise indicates how significant Ireland’s Atlantic Margin is becoming.

The AIM-listed explorer placed £2.1mln of shares at 6p per share with up to a further £1.5mln to come from an open offer.

According to Hugh Mackay, Europa’s chief executive: “The market is beginning to recognise the potential for Atlantic Ireland to become a major new hydrocarbon province.”

WATCH: Europa fundraise 'to accelerate our licence position in Ireland ', says CEO Hugh Mackay

The money raised will fund its share of early stage development work across an Irish Atlantic Margin portfolio that comprises seven licences covering 5,818 sq km, six play types, three basins, and over 30 prospects and leads.

Work includes the acquisition and processing of 3D seismic data across five licences that Europa believes will aid in its search for partners.

“We have set ourselves the target of having at least six drill ready prospects within the next eighteen months,” said Mackay.

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Wed, 24 May 2017 07:48:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/178240/europa-oil-says-placing-demand-highlights-rising-interest-in-offshore-ireland-178240.html
<![CDATA[News - Europa Oil & Gas Holdings boosted as Wressle clears major regulatory hurdle ]]> http://www.proactiveinvestors.co.uk/companies/news/178043/europa-oil-gas-holdings-boosted-as-wressle-clears-major-regulatory-hurdle-178043.html Europa Oil & Gas (Holdings) Plc (LON:EOG) told investors the Wressle project has cleared a major regulatory milestone with the Environment Agency issuing a variation to the project’s mining waste permit.

It supports the new planning application for the project, which was submitted last month.

“The Environment Agency has taken a long hard look at the partners’ development plans for Wressle and determined that the procedures we propose will prevent, mitigate and minimise any environmental impact at the site,” said Hugh Mackay, Europa chief executive.

“With this in mind, the partners are confident that the Environment Agency’s comprehensive assessment and positive conclusion will be reflected in the outcome of the new planning application.”

Europa owns a 30% stake in Wressle - though it has agreed to sell 10% to Upland Resources – with partners Egdon Resources Ltd (LON:EDR), Celtique Energy and Union Jack Oil PLC (LON:UJO) owning 25%, 30% and 15% respectively.

Egdon managing director Mark Abbott said: “This validates our position that the planned operations and procedures will prevent, mitigate and minimise environmental impacts.

“Egdon takes its safety, environmental and social obligations very seriously and is committed to maintaining the highest standards.  We are confident that this will be recognised in the outcome of the new planning application."

David Bramhill, Union Jack Oil chief executive, meanwhile, described it as a further positive step towards the Wressle discovery.

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Fri, 19 May 2017 07:28:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/178043/europa-oil-gas-holdings-boosted-as-wressle-clears-major-regulatory-hurdle-178043.html
<![CDATA[Media files - Europa's Hugh Mackay hails CPR firming up two large Offshore Ireland prospects ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/7408/europa-s-hugh-mackay-hails-cpr-firming-up-two-large-offshore-ireland-prospects-7408.html Mon, 08 May 2017 08:09:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/7408/europa-s-hugh-mackay-hails-cpr-firming-up-two-large-offshore-ireland-prospects-7408.html <![CDATA[News - Europa Oil & Gas adds 553mln barrels of extra oil potential offshore Ireland ]]> http://www.proactiveinvestors.co.uk/companies/news/177425/europa-oil-gas-adds-553mln-barrels-of-extra-oil-potential-offshore-ireland-177425.html Europa Oil & Gas (Holdings) Plc (LON:EOG) has detailed two additional new exploration prospects offshore Ireland that are estimated to have potential for 553mln barrels of oil.

A new competent persons report (CPR), provided by ERC Equipoise, has confirmed two significant prospects – Ervine and Edgeworth – in the company’s wholly owned Licence Option (LO) 16/2 in the South Porcupine basin, in Ireland’s Atlantic Margin.

Edgeworth is estimated to have the potential for 251mln barrels, whereas Ervine could host some 302mln barrels.

WATCH: Europa O&G's boss hails CPR firming up two large Offshore Ireland prospects CLICK HERE: For a daily round-up of all the Proactive news

The LO 16/2 area adjoins the company’s Frontier Exploration Licence 3/13 where ERC Equipoise has previously estimated around 1.5bn barrels resource potential across three exploration prospects.

In total, Europa’s portfolio of seven exploration areas offshore Ireland now has an estimated 4.7bn of oil resource potential as well as 1.5 trillion cubic feet of gas potential.

Europa highlighted that the next phase of work for these assets will see the LO 16/2 prospects de-risked by a reprocessing of existing 3D seismic data.

At the same time, the company is continuing a farm-out process to bring in a partner to take the project’s forward the drilling of exploration wells.

First though, third party exploration drilling programmes are slated for summer 2017.

Hugh Mackay, Europa chief executive, said: “We believe that Atlantic Ireland is about to enter a phase of exploration drilling starting this summer. 

“Portfolio diversity should enable us to profit from the read across from other companies success, whichever play it comes from.

“Our target for future work on these prospects in LO 16/2 is to undertake a programme of 3D reprocessing to further de-risk the prospects and mature them to drillable prospect status.

“In parallel with this we have an active farm-out programme underway for our industry leading licence position offshore Atlantic Ireland which includes LO 16/2.

“This is an exciting time for Europa and I look forward to updating the market on our progress.”

CLICK HERE: For a daily round-up of all the Proactive news ]]>
Mon, 08 May 2017 07:52:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/177425/europa-oil-gas-adds-553mln-barrels-of-extra-oil-potential-offshore-ireland-177425.html
<![CDATA[News - Europa Oil & Gas confirms submission of new Wressle planning application ]]> http://www.proactiveinvestors.co.uk/companies/news/177210/europa-oil-gas-confirms-submission-of-new-wressle-planning-application-177210.html Europa Oil & Gas (Holdings) Plc (LON:EOG) and its partners have told investors that a new planning application has been submitted for the Wressle project in Lincolnshire.

Early this year, the oil field development project was denied planning permission by the North Lincolnshire County Council.

The new application addresses specific concerns raised by the council. It will now be validated by the council ahead of a consultation process, and, according to Europa, that typically takes two weeks.

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An appeal was previously submitted against the councils earlier refusal, as part of a ‘dual track’ approach which is seen by the partners as “the best opportunity for a successful planning outcome” that would allow Wressle to begin production with minimum delay.

In a note to clients, finnCap analyst Dougie Youngson said: “We and the JV believe that this two pronged approach is most likely to be successful.”

In late afternoon trading, Europa O&G shares were 7.4% higher at 7.25p.

Europa owns a 30% stake in Wressle alongside Egdon Resources Ltd (LON:EDR) which is operator and has 25%. The other partners include Celtique Energie Petroleum with 30% and Union Jack Oil with 15%.

Upland Resources Ltd (LON:UPL) has a deal in place to buy 10% of Wressle from Europa, though this deal is subject to the project receiving approvals (including planning permission).

 -- Adds broker comment, share price --

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Wed, 03 May 2017 07:21:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/177210/europa-oil-gas-confirms-submission-of-new-wressle-planning-application-177210.html
<![CDATA[News - Europa Oil & Gas outlines four more significant exploration prospects offshore Ireland ]]> http://www.proactiveinvestors.co.uk/companies/news/176977/europa-oil-gas-outlines-four-more-significant-exploration-prospects-offshore-ireland-176977.html Europa Oil & Gas (Holdings) Plc (LON:EOG) has identified a further four new exploration prospects in Ireland’s Atlantic exploration frontier.

The explorer says an investigation of the ‘deeper prospectivity’ in Frontier Exploration Licence (FEL) 2/13 has unearthed new targets, and it sees four of them – tagged by Europa as ‘Kilroy’, ‘Keane’, ‘Kiely’ and ‘Lead F’ - as being significant.

Two of the four, Kilroy and Keane, are seen to be larger than 200mln barrels which would be the minimum threshold for a standalone project in the Atlantic Margin, according to Europa.

The company already has a catalogue of exploration targets in FEL 2/13 with prospects – Doyle A, Doyle B, Doyle C, and Heaney - previously estimated to have almost 600mln barrels of potential resources. Heaney has since been knocked off the list in the latest study.

Altogether, Europa now estimates the FEL 2/13 has potential for 1.12bn barrels of oil.

Further technical work, including reprocessing of existing 3D seismic data, will be needed to upgrade the prospects to ‘drillable’ status, Europa explained.

“Our 3D seismic data continues to be a very powerful tool with which to understand the geology, structure and petroleum systems in the South Porcupine basin,” said Hugh Mackay, Europa chief executive.

“Whilst we entered the basin in 2011 inspired by the Cretaceous fan play our understanding continues to evolve and in addition to the Cretaceous we have identified new plays in the Cretaceous shelf and slope, syn-rift, post-rift and Triassic.

He added: “Given that we are at a very early stage in a large and underexplored basin, we believe it is beneficial to have exposure to a diversified portfolio of play types, hopefully all or some of them will prove successful.”

Talks continue with potential new partners

Europa told investors that it continues to talk with potential partners for FEL 2/13, as well as its other Irish exploration projects.

FEL 2/13 is one of Europa’s seven assets offshore Ireland, which are now seen to have in excess of 4bn barrels of potential resources.

Farm-out partnership deals remain central to the explorer’s strategy, and just this week the company confirmed a significant milestone with the completion of a recently announced tie-up with Cairn Energy - which has now taken 70% of LO 16/19, by pledging to spend US$27mln on a seismic exploration programme that’s due to take place this summer.

Significantly, exploration activity is about to step up in the exploration frontier and Europa expects upcoming programmes will provide catalysts.

“Atlantic Ireland is about to enter a drilling phase, which we believe may be sustained over several years,” Mackay said.

“Our objective is to deliver six drill ready prospects with which to trail blaze or fast follow to success.  All our drill ready prospects will be potential company makers.”

 

CLICK HERE: For a daily round-up of all the Proactive news ]]>
Thu, 27 Apr 2017 07:41:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/176977/europa-oil-gas-outlines-four-more-significant-exploration-prospects-offshore-ireland-176977.html
<![CDATA[News - Europa Oil & Gas cleared to complete Irish deal with Cairn Energy ]]> http://www.proactiveinvestors.co.uk/companies/news/176900/europa-oil-gas-cleared-to-complete-irish-deal-with-cairn-energy-176900.html Europa Oil & Gas (Holdings) PLC (LON:EOG) confirmed it is now clear to complete its agreed farm-out deal with Cairn Energy PLC (LON:CNE) after the Irish authorities approved the deal.

The Irish Government has approved the transfer of the 70% interest in Licensing Option 16/19 (LO 16/19) from Europa to Cairn Energy subsidiary Capricorn Ireland.

Cairn also now takes over the operatorship of LO 16/19, which spans 976 square kilometres on the Western flank of the South Porcupine Basin, offshore Ireland.

Hugh Mackay, Europa chief executive, said: “With government approval for the farm-out of LO 16/19 to Cairn now in place, we are looking forward to the commencement of the fully funded 3D seismic survey in the summer of 2017.

CLICK HERE: For a daily round-up of all the Proactive news

“The farm-out of LO 16/19 demonstrates how we intend to fast track the exploration of our industry leading position offshore Ireland by securing suitable partners with whom we can take each of our licences forward. 

“In line with this we continue to talk with a number of interested parties for our remaining licences and I look forward to providing further updates as and when it is appropriate to do so.”

It comes after Europa confirmed LO 16/19 will be part of a multi-client seismic exploration programme, the Crean 3D campaign to be run by TGS, which will span more than 5,400 square kilometres of Ireland’s Atlantic Margin.

Europa has previously identified the potential for several Cretaceous submarine fans

The seismic campaign is due to get underway in June, with processed data anticipated in 2018. Exploration work after that will be informed by mapping based on the processed data.

Europa has previously identified the potential for several Cretaceous submarine fans, with potential resources estimated between 300mln barrels and 1bn barrels.

Mackay highlighted Europa’s acreage position in Ireland’s Atlantic Margin, where LO 16/19 is one of seven licences.

“In all our licence position covers 5,818 sq km, six play types, three basins, and twenty prospects and leads which we estimate potentially hold gross mean unrisked resources of more than 4 billion barrels of oil equivalent and 1.5 TCF of gas,” he said.

“Our licences provide us with exposure to all the various play types being targeted in the region: Paleocene; Cretaceous Shelf; Cretaceous Fan; Syn-rift; Pre-rift; and Triassic gas. 

“As a result, with drilling activity set to commence in the region in the near term, Europa is strategically placed to benefit from any success with the drillbit.”

CLICK HERE: For a daily round-up of all the Proactive news ]]>
Wed, 26 Apr 2017 07:39:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/176900/europa-oil-gas-cleared-to-complete-irish-deal-with-cairn-energy-176900.html
<![CDATA[News - Europa Oil & Gas set for summer seismic offshore Ireland ]]> http://www.proactiveinvestors.co.uk/companies/news/176826/europa-oil-gas-set-for-summer-seismic-offshore-ireland-176826.html Europa Oil & Gas (Holdings) Plc (LON:EOG) has confirmed it is part of a ‘multi-client’ project offshore Ireland which was announced yesterday by oil and gas services group TGS.

TGS will acquire new seismic data for all of Europa’s Licence Option (LO) 16/19 as part of the Crean 3D project in the Atlantic Margin, off Ireland’s west coast.

In total, the Crean 3D campaign is due to cover a massive 5,400 square kilometres of the South Porcupine Basin.

Work is expected to get underway in June, subject to government approval. It adds to a high profile summer of activity offshore Ireland, which will include the first new exploration wells since 2013.

Hugh Mackay, Europa chief executive, said: “The inclusion of our licence in a 5,400 km2 multi-client survey demonstrates the step-up in activity being seen offshore Ireland.

“This not only includes the acquisition of 3D seismic by various operators but also high impact drilling operations starting this summer.

“Success at any of the wells currently being planned would be game-changing for the basin.”

Europa is partnered with Cairn Energy PLC (LON:CNE) in LO 16/19, with the larger oil company acquiring 70% of the asset by paying Europa’s share of exploration work (up to US$6mln) including Crean 3D.

LO 16/19 spans 976 square kilometres and Europa’s evaluation to date has identified potential for several Cretaceous submarine fans, with possible resources estimated between 300mln and 1bn barrels.

The project is just one of Europa’s plays in Ireland’s Atlantic margin.

“With a portfolio of seven licences covering 5,818 square kilometres, six play types, three basins, and twenty prospects and leads, Europa will have an industry leading positon in what would be a new hydrocarbon province in western Europe," Mackay highlighted.

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Tue, 25 Apr 2017 07:38:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/176826/europa-oil-gas-set-for-summer-seismic-offshore-ireland-176826.html
<![CDATA[RNS press release - 3D Seismic Survey for Offshore Ireland Licence ]]> http://www.proactiveinvestors.co.uk/companies/rns/3682/LSE20170425070012_13202759/ Tue, 25 Apr 2017 07:00:12 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3682/LSE20170425070012_13202759/ <![CDATA[News - Europa Oil & Gas looks forward to start of formal appeal process for Wressle field ]]> http://www.proactiveinvestors.co.uk/companies/news/176271/europa-oil-gas-looks-forward-to-start-of-formal-appeal-process-for-wressle-field-176271.html Europa Oil & Gas Holdings Plc (LON:EOG) told investors that the formal planning appeal process for the Wressle field development will start in the coming weeks.

Appeal documentation is now being validated. That process is expected to take between one or two weeks, and a start date will be confirmed after that.

At the same time, it is expected that a new planning application will be submitted later this month and it will contain detailed information to address specific concerns outlined in the prior council refusal.

“Wressle is just one of many conventional oil fields that have been discovered in the East Midlands, a petroleum province which has a long heritage of oil and gas production stretching over decades,” said Hugh Mackay, Europa chief executive.

“As a result, we believe the case to bring Wressle into production is strong and we are hopeful that Egdon, in its capacity as operator of the licence, will be successful with the appeal.”

An environmental permit is, meanwhile, also expected to be issued for the project this month subject to the outcome of the current consultation process on the draft permit (the window for this review closes shortly).

Operations on the field have been ongoing, with the drilling of water monitoring boreholes - a programme approved for planning permission earlier this year.

Egdon says the case for appeal is "very strong"

Mark Abbott, managing director of Wressle partner Egdon Resources Plc (LON:EDR), said: “We believe our case for the appeal is very strong and we will look to progress both the appeal and the new application through the planning system as quickly as possible.

“We believe this dual track approach will provide the best opportunity for a successful outcome with the minimum delay."

Europa has currently has a 30% stake in Wressle, partnered alongside 25% stakeholder Egdon, Celtique Energie Petroleum and Union Jack Oil PLC (LON:UJO) which own 30% and 15% respectively.

A deal previously agreed between Europa and Upland Resources will see the former sell 10% of the project to the latter, should planning permission for the development be approved.

 

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Tue, 11 Apr 2017 07:32:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/176271/europa-oil-gas-looks-forward-to-start-of-formal-appeal-process-for-wressle-field-176271.html
<![CDATA[News - Farm-out focus: Mixed news flow on Ireland and UK, but 2017 looks to be an exciting year for Europa Oil & Gas ]]> http://www.proactiveinvestors.co.uk/companies/news/175943/farm-out-focus-mixed-news-flow-on-ireland-and-uk-but-2017-looks-to-be-an-exciting-year-for-europa-oil-gas-175943.html Europa Oil & Gas Holdings PLC (LON:EOG) has seen a mixed news flow since the end of a busy first-half, with a planning permission blow to its onshore UK operations at Wressle, countered by a big farm-out deal for offshore Ireland.

But 2017 still looks to be an exciting year for the group, with further farm-out deals expected offshore Ireland, and strong potential from its onshore UK assets.

In a statement with its interim results today, Europa’s CEO, Hugh Mackay said: “Since the beginning of the financial year, a number of farm-outs and sales have been signed across our licence base raising non-dilutive capital for Europa.

“The remainder of 2017 will see Europa participate in high impact development and exploration projects for which our share of the costs is now funded.”

WATCH: Europa boss "confident" of closing further farm-out deals ... READ: Europa O&G has busy fiscal first-half …

At the start of March, Europa announced  the signing of a farm-out agreement FTSE 250-listed player Cairn Energy PLC (LON:CNE) which will now partner the AIM-listed group in an early stage exploration project offshore Ireland.

Together Cairn and Europa will shoot 3D seismic in an under-explored area in the Atlantic margin off the west coast of Ireland.

Cairn is covering the costs of the US$6mln exploration programme and in return it will earn 70% of the project.

Farm-out focus …

At the same time, Europa said it was continuing to seek further farm-out deals for its other Irish assets - it has seven offshore licences comprising 20 prospects, estimated in excess of 4bn barrels of oil and 1.5 trillion cubic feet of gas.

With the first-half results, Mackay said: "We have landed one farm-out in Ireland and I am confident we will close out more in our other six licences offshore Ireland, as we look to maintain the momentum behind our strategy to monetise our asset base, manage risk and generate value for our shareholders.”

WATCH: Europa boss hails farm-out deal …

Aside from the Irish farm-out opportunities, Europa also recently agreed a farm-out deal with Angus Energy Plc (LON:ANGS) for the Holmwood project, onshore UK.

In February, the firm said Angus is to acquire a 12.5% stake in Holmwood which will be host to the next well to test the kimmeridge limestones in the UK’s Weald basin – following on the group’s apparent success at the nearby Brockham well.

To acquire the stake in Holmwood, Angus has agreed to pay 25% of the costs of the upcoming well (up to a gross cost of £3.2mln) and will cover 12.5% of the costs above that cap.

Europa will retain a 20% stake in Holmwood and its participation will now be fully covered - assuming the well is with the £3.2mln budget.

Europa’s CEO said the group has “carried on a potentially transformational well targeting the conventional Holmwood prospect, which neighbours the Horse Hill discovery and Brockham oil field in the Weald Basin.

“With a 20% interest, we are materially exposed to considerable upside without having to put any of the Company’s capital at risk drilling the well.”

Bit of a Wressle …

The firm has also been farming out some of its holdings in the Wressle field in Lincolnshire, although its efforts took a blow after North Lincolnshire Council threw out planning application for the well in January.

Europa told investors in February that the Wressle partners intend to file a new application including more detailed information to address the specific concerns outlined in the negative planning decision.

READ: Europa extends Wressle Upland deadline ...

Last November, the firm completed the sale of a 3.34% stake in the Wressle field to its partner Union Jack Oil PLC (LON:UJO) for £600,000, and in the same month also agreed to sell a 10% stake in the asset to Upland Resources Ltd (LON:UPL) in return for £1.85mln - with an initial £1.3mln coming in cash and £600,000 in Upland shares.

However, the deadline for completion of the Upland deal has been extended until the end of September 2017 leaving Europa with a 30% stake in Wressle.

Mackay said today that “subject to planning consent being granted, we expect our existing production to almost double to around 220 bopd if the Wressle discovery is brought online following our planning appeal.”

Losses narrow …

On the financial side, Europa saw its pretax loss narrow to £0.2mln in the six months to January 31, down from a £0.6mln loss at the same stage in 2016, as revenue rose to £0.8mln from £0.6mln.

Europa’s net cash used in operating activities was reduced to £0.3mln, down from £0.5mln a year earlier, with its administrative expenses cut to £218,000 from £355,000.

At the period-end, the firm had a cash balance of £1.4mln, against £1.7mln as at July 31 2016.

Europa shares initially responded well to the results, up 4.5% to 5.225p, taking its gain in the year to date to 10%, although on a one year view the stock is down over 14%.

In a note to clients published after the numbers, Dougie Youngson, analyst at ‘house’ broker FinnCap, said: “2017 will be a pivotal year for the company with Wressle coming onstream, which will reset the company’s breakeven oil price to US$35/bbl and the potential for more farm outs in Ireland driving that part of the portfolio forward.”

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Tue, 04 Apr 2017 14:36:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/175943/farm-out-focus-mixed-news-flow-on-ireland-and-uk-but-2017-looks-to-be-an-exciting-year-for-europa-oil-gas-175943.html
<![CDATA[Media files - Europa Oil & Gas' Hugh Mackay 'confident' of closing further farm-out deals in 2017 ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/7227/europa-oil-gas-hugh-mackay-confident-of-closing-further-farm-out-deals-in-2017-7227.html Tue, 04 Apr 2017 10:04:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/7227/europa-oil-gas-hugh-mackay-confident-of-closing-further-farm-out-deals-in-2017-7227.html <![CDATA[News - Europa Oil & Gas had busy fiscal first-half and remainder of 2017 looks to be as exciting, with further farm-out deals expected ]]> http://www.proactiveinvestors.co.uk/companies/news/175896/europa-oil-gas-had-busy-fiscal-first-half-and-remainder-of-2017-looks-to-be-as-exciting-with-further-farm-out-deals-expected-175896.html Europa Oil & Gas Holdings PLC (LON:EOG) had a busy fiscal first-half and the remainder of 2017 looks to be as exciting for the group, with further farm-out deals expected offshore Ireland, and strong potential from its onshore UK assets.

Reporting interim results today, Europa’s CEO, Hugh Mackay said: “Since the beginning of the financial year, a number of farm-outs and sales have been signed across our licence base raising non-dilutive capital for Europa.

“The remainder of 2017 will see Europa participate in high impact development and exploration projects for which our share of the costs is now funded.”

WATCH: Europa boss "confident" of closing further farm-out deals ...

Referring to its offshore Ireland operations, Mackay said: “With drilling set to commence in the region this summer, we are well placed to benefit from any positive results due to a potential de-risking of 4 billon boe of prospective resources in Europa’s licences in the Porcupine.”

He added; “We have landed one farm-out in Ireland and I am confident we will close out more in our other six licences offshore Ireland, as we look to maintain the momentum behind our strategy to monetise our asset base, manage risk and generate value for our shareholders.”

UK potential …

In the UK, Europa’s CEO said the group has “carried on a potentially transformational well targeting the conventional Holmwood prospect, which neighbours the Horse Hill discovery and Brockham oil field in the Weald Basin.

“With a 20% interest, we are materially exposed to considerable upside without having to put any of the Company’s capital at risk drilling the well.”

He added: “Still in the UK and, subject to planning consent being granted, we expect our existing production to almost double to around 220 bopd if the Wressle discovery is brought online following our planning appeal.”

The AIM-listed oil &gas explorer and developer saw its pretax loss narrow to £0.2mln in the six months to January 31, down from a £0.6mln loss at the same stage in 2016 as revenue rose to £0.8mln from £0.6mln.

Europa’s net cash used in operating activities was reduced to £0.3mln, down from £0.5mln a year earlier, with its administrative expenses cut to £218,000 from £355,000.

At the period-end, the firm had a cash balance of £1.4mln, against £1.7mln as at July 31 2016.

In late morning trading, Europa shares were 4.5%, or 0.225p higher at 5.225p.

In a note after the results, Dougie Youngson, analyst at ‘house’ broker FinnCap, said: “2017 will be a pivotal year for the company with Wressle coming onstream, which will reset the company’s breakeven oil price to US$35/bbl and the potential for more farm outs in Ireland driving that part of the portfolio forward.”

 -- Adds share price, broker comment --

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Tue, 04 Apr 2017 07:35:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/175896/europa-oil-gas-had-busy-fiscal-first-half-and-remainder-of-2017-looks-to-be-as-exciting-with-further-farm-out-deals-expected-175896.html
<![CDATA[News - Europa Oil & Gas hands stake in Cloughton gas field to partner ]]> http://www.proactiveinvestors.co.uk/companies/news/174739/europa-oil-gas-hands-stake-in-cloughton-gas-field-to-partner-174739.html Europa Oil & Gas Plc (LON:EOG) has transferred a 10% stake in the PEDL 343 licence, onshore UK, to partner Arenite Petroleum.

It comes after Europa picked up 22.5% of the licence through the acquisition of Shale Petroleum (UK) for a nominal consideration of £1.

The licence is located in north east England, its operated by Third Energy UK Gas Limited, contains the Cloughton gas discovery as tested by a 1986 well, and it is deemed by Europa as an appraisal asset.

Europa now has 35% of the licence alongside Third Energy with 20%, Arenite with 15%, Egdon Resources Plc (LON:EDR) with 17.5% and Petrichor Energy UK Gas Limited with 12.5%.

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Tue, 14 Mar 2017 07:31:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/174739/europa-oil-gas-hands-stake-in-cloughton-gas-field-to-partner-174739.html
<![CDATA[Media files - Europa Oil & Gas hails farmout deal with Cairn Energy where size of prize is potential 1bn barrels ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/7066/europa-oil-gas-hails-farmout-deal-with-cairn-energy-where-size-of-prize-is-potential-1bn-barrels-7066.html Wed, 08 Mar 2017 15:14:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/7066/europa-oil-gas-hails-farmout-deal-with-cairn-energy-where-size-of-prize-is-potential-1bn-barrels-7066.html <![CDATA[Media files - Europa Oil & Gas technicals reveal ‘decent buy signal’, says Zak Mir ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/7054/europa-oil-gas-technicals-reveal-decent-buy-signal-says-zak-mir-7054.html Wed, 08 Mar 2017 09:25:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/7054/europa-oil-gas-technicals-reveal-decent-buy-signal-says-zak-mir-7054.html <![CDATA[News - Europa Oil & Gas boosted by Cairn Energy farm-out, looks for more tie-ups offshore Ireland ]]> http://www.proactiveinvestors.co.uk/companies/news/174450/europa-oil-gas-boosted-by-cairn-energy-farm-out-looks-for-more-tie-ups-offshore-ireland-174450.html Europa Oil & Gas (Holdings) Plc (LON:EOG) is continuing to advance its partnership efforts bolstered by its high profile new deal.

The company has signed a farm-out agreement with Cairn Energy PLC (LON:CNE) which will now partner Europa in an early stage exploration project offshore Ireland.

Together Cairn and Europa will shoot 3D seismic in an under-explored area in the Atlantic margin off the west coast.

Cairn is covering costs of the US$6mln exploration programme and in return it will earn 70% of the project (Licensing Option 16/19).

Significantly, LO 16/19 lies adjacent to Europa’s more advanced FEL 2/13 where the AIM quoted group’s prior 3D seismic programme identified some 1.5bn barrels of oil potential across three targets, and it is believed that the farm-out area contains similar features.

WATCH: Europa O&G boss hails farm-out deal ... WATCH: Zak Mir sees 'decent buy signal' ...

Europa at the same time continues to seek further farm-out deals for its other Irish assets (it has seven offshore licences comprising 20 prospects, estimated in excess of 4bn barrels of oil and 1.5 trillion cubic feet of gas).

Hugh Mackay, Europa chief executive, said: “We are delighted to have secured a farm-in partner of the proven calibre of Cairn, and also to accelerate exploration on the licence through the acquisition of 3D seismic this summer.

“We continue to talk to other potential partners for our remaining six offshore Ireland licences which provide us with exposure to all the various play types being targeted in the region.”

Mackay highlights that oil and gas industry activity is expected to increase markedly in 2017 and beyond – noting that Cairn and Providence plan to drill a well this summer and at least two further wells may be drilled in 2018.

“In terms of acreage and number of licences, Europa is a leading exploration company in Atlantic Ireland with a range of prospects spanning deep water high risk frontier exploration to shallow water, lower risk infrastructure-led exploration next to the Corrib gas field,” he added.

“We believe Europa will benefit from any exploration success in the region either as a trail-blazer or fast-follower.”

Europa shares advanced 1.15p, 24%, on Wednesday morning to trade at 5.9p each.

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Wed, 08 Mar 2017 08:32:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/174450/europa-oil-gas-boosted-by-cairn-energy-farm-out-looks-for-more-tie-ups-offshore-ireland-174450.html
<![CDATA[News - Europa Oil & Gas extends deadline for Wressle deal with Upland Resources ]]> http://www.proactiveinvestors.co.uk/companies/news/173472/europa-oil-gas-extends-deadline-for-wressle-deal-with-upland-resources Europa Oil & Gas (Holdings) Plc (LON:EOG) has extended the deadline on its deal to sell a stake in the Wressle field to Upland Resources Ltd (LON:UPL).

A deal for 10% of Wressle was agreed in November before the planning application for the field’s development was rejected by the Lincolnshire county council.

The Wressle partners earlier this month announced their intention to appeal the council’s decision.

And it has now been agreed that the ‘long stop’ date for the transaction will be extended to September 30, from March 31.

The deal sees Upland acquiring 10% of Wressle in return for £1.85mln, leaving Europa with 20%.

The other partners in the project are Egdon Resources Plc (LON:EDR), the operator with 25%, Celtique Energie with 33.3%, and Union Jack Oil PLC (LON:UJO).

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Tue, 21 Feb 2017 14:23:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/173472/europa-oil-gas-extends-deadline-for-wressle-deal-with-upland-resources
<![CDATA[News - Europa Oil & Gas says Wressle partners will appeal planning refusal ]]> http://www.proactiveinvestors.co.uk/companies/news/172771/europa-oil-gas-says-wressle-partners-will-appeal-planning-refusal-172771.html Europa Oil & Gas Holdings Plc (LON:EOG) has told investors that the partners in the Wressle project, in Lincolnshire, will launch an appeal to the decision that blocked the oil field development.

The North Lincolnshire Council last month refused to grant planning consent for Wressle.

Now, the Wressle partners intend to file a new application including more detailed information to address the specific concerns outlined in the negative planning decision.

The appeal and new application will be lodged at the earliest opportunity, Europa said.

“Wressle is located in the heart of the East Midlands petroleum province and at an anticipated gross rate of 500 bopd would almost double our existing production based on a 20% interest,” said Hugh Mackay, Europa chief executive.

“We are keen to see this conventional oil field brought into production as soon as possible.”

Europa currently has a 30% stake in Wressle, though an agreement is in place for Upland Resources to acquire a 10% interest from the company. The other partners in the project are Egdon Resources Plc (LON:EDR), the operator with 25%, Celtique Energie with 33.3%, and Union Jack Oil PLC (LON:UJO).

Union Jack’s David Bramhill added: “The joint venture is supportive of the dual approach taken by Egdon to resolve this situation with the minimum of delay.

“For Union Jack, it is very much business as usual and plans for the preparation  of drilling of Biscathorpe-2 and Holmwood-1 conventional wells continue in respect of what the company considers to be two excellent prospects, both with significant volumetric potential if successful and moderate geological risk.”

In a separate statement, Egdon Resources has downgraded its production guidance – to 100 to 110 barrels oil equivalent per day, from 165 boepd – as a result of Wressle not coming online within the expected timeframe.

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Tue, 07 Feb 2017 07:57:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/172771/europa-oil-gas-says-wressle-partners-will-appeal-planning-refusal-172771.html
<![CDATA[Media files - Europa's latest farm out deal 'the gold standard' says CEO Hugh Mackay ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/6855/europa-s-latest-farm-out-deal-the-gold-standard-says-ceo-hugh-mackay-6855.html Mon, 06 Feb 2017 09:07:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/6855/europa-s-latest-farm-out-deal-the-gold-standard-says-ceo-hugh-mackay-6855.html <![CDATA[News - Europa Oil & Gas deals Angus Energy into Holmwood project in Weald basin ]]> http://www.proactiveinvestors.co.uk/companies/news/172691/europa-oil-gas-deals-angus-energy-into-holmwood-project-in-weald-basin-172691.html Europa Oil & Gas Holdings Plc (LON:EOG) has agreed a farm-out deal with Angus Energy Plc (LON:ANGS) for the Holmwood project, onshore UK.

Angus acquires a 12.5% stake in Holmwood which will be host to the next well to test the kimmeridge limestones in the UK’s Weald basin – following on the group’s apparent success at the nearby Brockham well.

To acquire the stake in Holmwood, Angus agrees to pay 25% of the costs of the upcoming well (up to a gross cost of £3.2mln) and will cover 12.5% of the costs above that cap.

Europa will retain a 20% stake in Holmwood and its participation will now be fully covered (assuming the well is with the £3.2mln budget).

“Following today’s farmout, Europa will have a fully carried 20% share in Holmwood and the benefit of a partner with expertise in the Weald basin,” said Hugh Mackay, Europa chief executive.

“As the operator of the nearby Brockham oil field, Angus can provide invaluable technical insights in tandem with our other partners including UKOG, a major stakeholder in the Horse Hill discovery.

Mackay added: “In line with our strategy to expose our shareholders to material rewards through the drillbit while minimising exposure to exploration risk, this is the fourth farm-out we have secured for our UK licences within the last 12 months.”

The partners list for the Holmwood project now comprises Europa (operator, with 20%), UK Oil & Gas Investments (LON:UKOG) with 30%, Egdon Resources Plc (LON:EDR) with 18.4%, Angus Energy with 12.5%, Warwick Energy with 10%, Union Jack Oil PLC (LON:UJO) with 7.5% and Altwood Petroleum with 1.6%.

The proposed Holmwood well is ostensibly targeting between 1mln and 11mln barrels of oil resources in shallower oil reservoirs, but significantly the well will also target the deep and potentially much bigger Kimmeridge limestone play which has been successfully encountered at both the Horse Hill and Brockham projects nearby.

Planning permission is in place for Holmwood and the partners are working towards the start of operations later this year.

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Mon, 06 Feb 2017 07:35:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/172691/europa-oil-gas-deals-angus-energy-into-holmwood-project-in-weald-basin-172691.html
<![CDATA[News - City analyst blasts council decision to block Wressle field development ]]> http://www.proactiveinvestors.co.uk/companies/news/171544/city-analyst-blasts-council-decision-to-block-wressle-field-development-171544.html Local government officials that have blocked the start-up of the Wressle oil field, in Lincolnshire, have overstepped their remit, so says City broker SP Angel.

It was announced on Wednesday that North Lincolnshire County Council turned down an application for planning permission.

Europa Oil & Gas (Holdings) PLC (LON:EOG), a key stakeholder in the Wressle project, says the council’s planning decision goes against a positive recommendation by the council’s own planning officer which followed an extensive and thorough review of the field development plan.

Hugh Mackay, Europa chief executive, on Wednesday told investors that the company is disappointed with the decision and the partners in the project will consider options including the right to appeal.

SP Angel oil and gas analyst Zac Phillips, in a note, said: “If the public record of the statements made at the planning meeting are correct the rejection of the Wressle development planning application was not based on the merits of the application, but in reaction to the Environment Agency's handling of the flood response in the recent past.

“On this basis, the councillors have overstepped their remit and while they may have a point about the Environment Agency, they have opened themselves up to legal challenge.”

Phillips added: “The planning approval process must only be concerned with planning matters and, with no respect any concerned, they should do their jobs, not grandstand.”

Europa Oil & Gas has a 30% stake (albeit it has recently agreed to divest down to 20%) in Wressle, alongside AIM quoted partners Egdon Resources (LON:EDR) and Union Jack Oil (LON:UJO) which own 25% and 11.67% respectively.

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Thu, 12 Jan 2017 11:53:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/171544/city-analyst-blasts-council-decision-to-block-wressle-field-development-171544.html
<![CDATA[News - Europa Oil says UK onshore activity rising ]]> http://www.proactiveinvestors.co.uk/companies/news/170180/europa-oil-says-uk-onshore-activity-rising-170180.html Europa OiI and Gas PLC (LON:EOG) has given a bullish update on prospects to shareholders at its annual meeting.

Activity is picking up onshore UK, said Hugh Mackay, the oil and gas group’s chief executive.

Once Wressle, in Lincolnshire, comes online, Europa’s UK production will increase by 100 boepd (barrels per day) to 220 boepd, which will mean a positive cashflow at oil prices above US$30 per barrel, he said.

Europa is fully funded for Wressle’s development following the sale of a combined 13.34% interest in the associated licences, PEDLs 180 and 182.

Mackay said the company values its 20% interest at £3.7mln or half of its market value including the proceeds of the stake sale.

In addition, Europa has seven operated licences covering an area of 5,818 sq km, six play types, three basins and twenty prospects and leads offshore Ireland.

The portfolio potentially holds gross mean unrisked resources of 4bn barrels, said Mackay.

In the UK, Europa also has a 32.5% interest in the Holmwood prospect, “which we rank as one of the best undrilled conventional prospects onshore UK and that we intend to drill in 2017”

There is a 25% interest in the Hardstoft oil field PEDL299 with contingent resources of 3.1mln boe and a 45% interest in PEDL343, which contains the Cloughton gas discovery.  

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Thu, 08 Dec 2016 09:01:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/170180/europa-oil-says-uk-onshore-activity-rising-170180.html
<![CDATA[News - Europa Oil & Gas divests more of Wressle ]]> http://www.proactiveinvestors.co.uk/companies/news/169488/europa-oil-gas-divests-more-of-wressle-169488.html  

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Thu, 24 Nov 2016 15:15:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/169488/europa-oil-gas-divests-more-of-wressle-169488.html
<![CDATA[News - Europa Oil & Gas Holdings gets cash boost as it sells Wressle stake sale ]]> http://www.proactiveinvestors.co.uk/companies/news/169317/europa-oil-gas-holdings-gets-cash-boost-as-it-sells-wressle-stake-sale-169317.html Europa Oil & Gas Holdings Plc (LON:EOG) has completed its sales of a 3.34% stake in the Wressle field, in Lincolnshire, to Union Jack Oil PLC (LON:UJO).

Subsequently Europa retains 30% of Wressle, and UJO’s interest in the project rises to 11.67%.

It delivers £600,000 of cash to Europa, which will be used to cover its share of costs to bring Wressle onto production.

Wressle is expected to come online in early 2017 at a predicted rate of 500 barrels of oil per day, and Europa’s 500 bopd share would more than double group production.

“With a mark to market valuation of £5.4 million implied by this Transaction, the value of our remaining 30% interest in PEDLs 180 and 182 accounts for half our current market capitalisation,” said Hugh Mackay, Europa chief executive.

He added: “We continue to actively manage our portfolio and will not hesitate to act when opportunities to add shareholder value arise.”

Mackay highlighted that the Europa portfolio also includes seven exploration licences offshore Ireland, with the potential for 4 billion barrels oil equivalent and 1.5 tcf gas; three producing fields onshore UK, producing around 123 boepd net to Europa; as well as a number of other exploration including Holmwood in PEDL143, in the Weald Basin, which is seen as one of the best undrilled conventional prospects onshore UK.  

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Tue, 22 Nov 2016 07:43:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/169317/europa-oil-gas-holdings-gets-cash-boost-as-it-sells-wressle-stake-sale-169317.html
<![CDATA[News - Europa puts ‘drill ready’ Wilde prospect in shop window ahead of Dublin industry event ]]> http://www.proactiveinvestors.co.uk/companies/news/167979/europa-puts-drill-ready-wilde-prospect-in-shop-window-ahead-of-dublin-industry-event-167979.html Europa Oil & Gas Holdings Plc (LON:EOG) has detailed its exploration prospects in a particular exploration area offshore Ireland.

A brief statement, highlighting an ERC Equipoise competent persons report from 2015, puts Frontier Exploration Licence (FEL) 3/13 in the shop window ahead of an industry event in Dublin next week.

“The board would be pleased to meet interested parties in Dublin to discuss insights and opportunities arising from the company’s Atlantic Ireland portfolio,” Europa said in a stock market statement.

The company told investors that the Wilde prospect, in FEL 3/13, is considered ‘drill ready’ and is estimated to host some 428mln barrels of potential resources. It noted that the well would cost just US$37mln and has a 1/5.3 chance of success.

Europa added that a well on Wilde would be positioned so that it would also penetrate the edge of the potentially larger Beckett prospect – with a view to returning new insights into the 728mln barrel prospect.

The explorer unveiled the ERC Equipoise report last May, the report detailed some 1.5bn barrels of possible resources in FEL 3/13.

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Wed, 26 Oct 2016 07:46:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/167979/europa-puts-drill-ready-wilde-prospect-in-shop-window-ahead-of-dublin-industry-event-167979.html
<![CDATA[News - Europa Oil & Gas and its big plans onshore UK and offshore Ireland ]]> http://www.proactiveinvestors.co.uk/companies/news/166960/europa-oil-gas-and-its-big-plans-onshore-uk-and-offshore-ireland-166960.html Europa Oil & Gas (Holdings) Plc (LON:EOG) is making headway in its aim to become a robust oil firm and the market has noticed progress too.

Shares have risen over 35% since the beginning of July to where they now stand at 4.75p each.

The final results to the end of that month showed a strong performance in the face of what are well documented challenges in the oil sector.

Chief executive Hugh Mackay told the results statement:  "We have reduced costs by one third, our UK production is set to double, we are preparing to drill a high impact well onshore UK at Holmwood, we have delivered three deals, landed seven new licences in the UK and Ireland and perhaps most importantly built a leading position in Atlantic Ireland."

It is worth noting that the Holmwood exploration well is a follow on to the breakthrough Horse Hill well near Gatwick airport.

Over the year in total production from Europa’s UK onshore assets amounted to 123 barrels oil equivalent per day.

WATCH - Europa Oil & Gas (Holdings) Plc on cusp of break even at US$30 a barrel UK output set to double with Wressle

Production at the Wressle discovery in North Lincolnshire is set to begin in early 2017 and the project, in which it sold  a 3.34% interest to Union Jack Oil, but retains 30%, is central to the group's production aims.

It is set to provide 150 barrels  a day net to Europa, which on  top of the 123 barrels a day from the other three fields, will double revenues and  mean the company will break even at US$30 a barrel.

Mackay recently told Proactive: "That's quite an important metric for us and distinguishes us from many companies on AIM who can’t do that."

One of the leading explorers in offshore-Ireland

The Atlantic margin, off the coast of the Emerald Isle, is one of the buzz topics in oil exploration at the moment. After a period of intense interest in the region a few years ago, it went off the radar, as firms thought it was too expensive to drill there.

Now, in 2015 it has played host to the most successful licensing round ever in Ireland, while major oil firms and supermajors are also bak in the area and have already begun work programmes

As Mackay noted this is "a remarkable outcome" given sub $50 oil prices currently, and he expect that this activity will likely result in exploration drilling.

Europa now has five offshore licences in Ireland  - literally named Doyle, Wilde, Beckett and Shaw, and  over the next two to three years hopes to deliver half a dozen drillable targets -  any one of which, says Mackay, could be a 'company maker'.

Excitement building at Holmwood

The group has obtained planning for an exploration well at Holmwood - a conventional hydrocarbon prospect with unranked prospective resources of 5.6mln boe (barrels of oil equivalent) in the Weald basin in southern England. If it came in at that it would be the fifth largest onshore field in the UK.

The firm has a 32.5% interest and expects to begin drilling in 2017.

Significantly, there is positive the read -across from the Horse Hill well near Gatwick airport - just 12 km away, where 13,00 barrels a day flowed , which, as MacKay says, is very good for an onshore well.

"There is absolutely no doubt that the results at Horse Hill are relevant for Holmwood," he recently told Proactive.

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Wed, 05 Oct 2016 15:09:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/166960/europa-oil-gas-and-its-big-plans-onshore-uk-and-offshore-ireland-166960.html
<![CDATA[RNS press release - EUROPA OIL & GAS (HOLDINGS) PLC - Assignment of interests in East Midlands Licence ]]> http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201610040200PR_NEWS_UKDISCLO_0013/ Tue, 04 Oct 2016 08:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201610040200PR_NEWS_UKDISCLO_0013/ <![CDATA[News - Europa Oil & Gas shares extra stake in Hardstoft field with Upland Resources ]]> http://www.proactiveinvestors.co.uk/companies/news/166883/europa-oil-gas-shares-extra-stake-in-hardstoft-field-with-upland-resources-166883.html Europa Oil & Gas Holdings Plc (LON:EOG) has confirmed a reassignment of interests in PEDL299, which host the Hardstoft oil field.

The company previously acquired an additional 16.665% interest in the asset from Shale Petroleum Limited, paying a nominal £1. That stake is now being split with fellow partner Upland Resources. As a result Europa takes 8.335% while the other 8.33% is taken by Upland.

Subsequently, Europa and Upland each hold 25% of Hardstoft, and INEOS owns 50%.

INEOS retains 100% of the unconventional prospectivity in PEDL299.

“The reassignment of interest in PEDL299 ought to be seen in the context of the ongoing active management of our portfolio of licences,” said chief executive Hugh Mackay.

“The recent sale of a 3.34% interest in the Wressle discovery was a partial monetisation of our asset base. This assignment helps manage the risks and funding requirements associated with oil and gas exploration and development.”

Mackay added that Hardstoft has a “strong set of partners” and that is an “excellent foundation” for a development.

Hardstoft, first discovered in 1919, has historically produced 26,000 barrels of oil.

A third party report has estimated some 3.1mln barrels of 2C contingent oil resources at Hardstoft, meanwhile more prospective resources are estimated as 18.5mln barrels of oil equivalent.

It is believed that modern production methods could unlock commercial oil flows from the Hardstoft reservoirs.

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Tue, 04 Oct 2016 07:38:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/166883/europa-oil-gas-shares-extra-stake-in-hardstoft-field-with-upland-resources-166883.html
<![CDATA[Media files - Europa Oil & Gas (Holdings) Plc on cusp of break even at US$30 a barrel ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/6105/europa-oil-gas-holdings-plc-on-cusp-of-break-even-at-us30-a-barrel-6105.html Mon, 03 Oct 2016 15:46:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/6105/europa-oil-gas-holdings-plc-on-cusp-of-break-even-at-us30-a-barrel-6105.html <![CDATA[RNS press release - EUROPA OIL & GAS (HOLDINGS) PLC - Final Results for the year to 31 July 2016 ]]> http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201610030200PR_NEWS_UKDISCLO_0014/ Mon, 03 Oct 2016 08:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201610030200PR_NEWS_UKDISCLO_0014/ <![CDATA[News - Europa Oil & Gas highlights strong annual performance ]]> http://www.proactiveinvestors.co.uk/companies/news/166811/europa-oil-gas-highlights-strong-annual-performance-166811.html Europa Oil & Gas Holdings Plc (LON:EOG) has reported on what chief executive Hugh Mackay has described as a strong performance in the face of difficult market conditions.

“We have reduced costs by one third, our UK production is set to double, we are preparing to drill a high impact well onshore UK at Holmwood, we have delivered three deals, landed seven new licences in the UK and Ireland and perhaps most importantly built a leading position in Atlantic Ireland,” Mackay said.

Reporting on the twelve months to July 31, Europa said group revenue amounted to £1.3mln compared to £2.2mln. Cost of sales was cut by 33% and administrative expenses were 39% lower, the company added.

Production from Europa’s UK onshore assets amounted to 123 barrels oil equivalent per day for the year.

A pre-tax loss of £1.9mln included a £1.2mln write off against the Béarn des Gaves exploration project.  Excluding the exploration write off a £0.7mln loss narrowed compared to a corresponding figure of £0.8mln a year ago. Overall, Europa made a £1.6mln loss after tax.

It ended the year with a £1.7mln net cash balance.

Europa’s focus in the year were its growing portfolio offshore Ireland, the advancing Wressle discovery and the preparations for the upcoming Holmwood exploration well which is a follow on to the breakthrough Horse Hill well near Gatwick airport.

The Irish portfolio features a number of “company making” assets, Mackay highlights.

“The tide is turning in Atlantic Ireland: the 2015 Licensing Round was the most successful licensing round ever in Ireland. Major oil companies are back and have already begun substantive work programmes.

“This is a remarkable outcome given sub $50 oil prices and in due course we expect that this activity will likely result in exploration drilling.

“We will continue to mature our Irish portfolio with the intention of delivering half a dozen drill-ready prospects – any one of which has the potential to be a company maker for Europa.”

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Mon, 03 Oct 2016 07:28:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/166811/europa-oil-gas-highlights-strong-annual-performance-166811.html
<![CDATA[News - Europa boss Hugh Mackay is excited as Holmwood seeks to repeat Horse Hill's success ]]> http://www.proactiveinvestors.co.uk/companies/news/166541/europa-boss-hugh-mackay-is-excited-as-holmwood-seeks-to-repeat-horse-hill-s-success-166541.html Europa Oil & Gas Plc (LON:EOG) chief executive Hugh Mackay has told Proactive Investors he is very excited about the Holmwood prospect, a Horse Hill lookalike in Southern England’s Weald basin.

Mackay’s comments come as the group has unlocked £600,000 from a divestment of a small stake in the Wressle field, another new onshore UK discovery. The cash is already earmarked for Holmwood, where drilling is planned for 2017.

Holmwood is just 12 kms due east of Horse Hill – or ‘Gatwick Gusher’ as some call it - and, according to the Europa boss, there’s reason to believe drilling next year could see a repeat success.

Those following developments in the weald closely were mindful of the follow on potential being presented to Europa’s Holmwood prospect as the Horse Hill programme advanced and eventually delivered breakout success.

By the time UKOG, Horse Hill’s largest stakeholder teamed up with Europa last June, the cat was well and truly out of the bag.

Mackay, in an interview with Proactive Investors’ Stocktube, talked through the potential for similarly between Horse Hill and Holmwood.

“We can see a lot of technical read across from the Horse Hill success to Holmwood,” Mackay said.

“And whilst we’re not going to adjust the prospective resources or the risks [ahead of drilling], we feel that Horse Hill is a very relevant well, there is good technical read across and it is certainly making us feel better about the prospect of finding hydrocarbons at Holmwood.

He emphasised an excitement at the possibility that success in the Kimmeridge targets – those proved by the Horse Hill breakthrough – could confirm that zone as a “missed pay” in the UK’s Weald basin.

It was Horse Hill’s Kimmeridge discovery that prompted a number of very large, headline grabbing estimates for the project. Third party analysis points to the potential for billions of barrels of oil to be in place through the basin, which spans a large portion of southern England.

More wells are needed to prove the extent of these resources, as well as the commercial case – though another result like Horse Hill will further quieten the sceptics.

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Tue, 27 Sep 2016 13:05:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/166541/europa-boss-hugh-mackay-is-excited-as-holmwood-seeks-to-repeat-horse-hill-s-success-166541.html
<![CDATA[Media files - Europa Oil & Gas boss says Wressle deal is "win-win" ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/6048/europa-oil-gas-boss-says-wressle-deal-is-win-win--6048.html Tue, 27 Sep 2016 10:31:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/6048/europa-oil-gas-boss-says-wressle-deal-is-win-win--6048.html <![CDATA[RNS press release - EUROPA OIL & GAS (HOLDINGS) PLC - Sale of Interest in Wressle Discovery ]]> http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201609270200PR_NEWS_UKDISCLO_0002/ Tue, 27 Sep 2016 08:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201609270200PR_NEWS_UKDISCLO_0002/ <![CDATA[News - Europa Oil & Gas cashes out part of Wressle to Union Jack Oil ]]> http://www.proactiveinvestors.co.uk/companies/news/166508/europa-oil-gas-cashes-out-part-of-wressle-to-union-jack-oil-166508.html Europa Oil & Gas Holdings Plc (LON:EOG)  has agreed to sell a 3.34% interest in the Wressle field to Union Jack Oil PLC (LON:UJO) in a deal valuing the former’s original stake in the project at £6mln.

Union Jack Oil is paying £600,000 in cash for the 3.34% stake and as a result its total interest in Wressle, in North Lincolnshire, rises to 11.67% from 8.8%.

“We consider this transaction to represent a sensible monetisation of part of the asset now it has been largely de-risked, whilst still retaining sizeable exposure to production and upside on the other reservoirs,” said Hugh Mackay, Europa chief executive.

“Importantly, this transaction provides investors with a point of reference for the value of our remaining 30% interest in the licences.”

Europa retains 30% of the project and based on the deal terms its remaining interest is worth £5.4mln, compared to a market capitalisation of around £11.4mln.

Wressle, which is operated by 25% stakeholder Egdon Resources Plc (LON:EDR), is expected to start oil production at a rate of 500 barrels of per day by early 2017.

News of the transaction comes after a new competent person’s report for the field was unveiled on Monday. The third party assessment confirmed the field’s commerciality.

Wressle is being fast-tracked to production following a successful exploration well which achieved excellent flow rates in testing last summer.

Egdon Resources highlighted on Monday that the new estimate - 14.18mln barrels of oil initially in place, of which 2.15mln barrels is considered discovered -  had exceeded its expectations.

Egdon managing director Mark Abbott said: “The CPR has independently confirmed the commercial viability of the Wressle field development with overall oil and gas reserves and contingent resources exceeding our original pre-drill estimates.”

Europa’s Mackay, meanwhile, said it would use the money from the Wressle stake sale to fund drilling on the Holmwood project, in south east England, close to the Horse Hill discovery near Gatwick airport.

Holmwood is rated by Mackay as ‘the best undrilled conventional prospect onshore UK’, and he noted that drilling is expected there in 2017 subject to securing permits and permissions.

Highlighting the depth of Europa’s portfolio, he added: “PEDL180 and 182 are just two of a portfolio of licences we hold. 

“These include three UK onshore fields which in H1 produced 124 boepd net to Europa; PEDL143 containing the Holmwood prospect in the Weald Basin, which we rate as the best undrilled conventional prospect onshore UK; and seven licences offshore Ireland which we estimate to have gross mean un-risked prospective and indicative resources of more than 4 billion barrels of oil equivalent and 1.5 tcf of gas.”

Europa has a 40% stake in Holmwood, alongside partners which include Horse Hill driller UK Oil & Gas Investments Plc (LON:UKOG).

Pre-drill estimates put the exploration target at 5.6mln barrels, made in 2012, though that does not include the potential in the deeper plays confirmed in the Horse Hill well.

The Horse Hill well last year tested more than 1,500 barrels of oil per day in aggregate from a number of reservoir intervals.

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Tue, 27 Sep 2016 07:39:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/166508/europa-oil-gas-cashes-out-part-of-wressle-to-union-jack-oil-166508.html
<![CDATA[RNS press release - EUROPA OIL & GAS (HOLDINGS) PLC - CPR on Wressle Discovery & Broughton North Prospect ]]> http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201609260200PR_NEWS_UKDISCLO_0004/ Mon, 26 Sep 2016 08:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201609260200PR_NEWS_UKDISCLO_0004/ <![CDATA[News - Wressle start-up expected to double production for Europa Oil & Gas Plc ]]> http://www.proactiveinvestors.co.uk/companies/news/166433/wressle-start-up-expected-to-double-production-for-europa-oil-gas-plc-166433.html The Wressle field is expected to double Europa Oil & Gas Plc’s (LON:EOG) net production when it comes online in early 2017.

Wressle is being fast-tracked to production following a successful exploration well which delivered excellent flow rates in testing last summer.

A new third party assessment has now rubber stamped the field’s commerciality.

“Based on the results of this independent CPR, not only is Wressle expected to more than double our net production when it comes on stream in early 2017 at a gross rate of 500bopd, but it also substantially increases Europa’s asset backing,” said Hugh Mackay, Europa chief executive.

“In addition to the immediate boost to our proven reserves, the CPR highlights significant contingent resources in the Penistone Flags at Wressle and work will shortly commence on drawing up a development plan to monetise this reservoir.”

Project operator Egdon Resources Plc (LON:EDR) in a separate statement highlighted that the new estimate - 14.18mln barrels of oil initially in place, of which 2.15mln barrels is considered discovered -  had exceeded its expectations.

Egdon managing director Mark Abbott said: “The CPR has independently confirmed the commercial viability of the Wressle field development with overall oil and gas Reserves and Contingent Resources exceeding our original pre-drill estimates. ”

Egdon Resources owns 25% of Wressle, whilst AIM quoted peers Europa Oil & Gas Plc (LON:EOG) and Union Jack Oil PLC (LON:UJO) have 33.34% and 8.33% respectively. Privately owned Celtique Energie has the other 33.3% of the project.

Wressle oil is found across three reservoirs; the Ashover Grit, Wingfield Flags and Penistone Flags.

Some 620,000 barrels of oil are classified as proved and probably (2P) reserves, and that oil is the basis of the initial field development plan. The reserves are from the Ashover Grit and Wingfield Flags, whereas 1.53mln barrels of contingent resources as estimated in the Penistone Flags reservoir interval.

Production is expected to focus on the Ashover Grit, and it is expected to include the monetisation of gas flows into pipeline infrastructure.

Ashover Grit is expected to deliver gross production rates of around 500 barrels per day by early 2017.

Egdon added that the nearby Broughton North field, located immediately to the north-west in a fault block, is now see as a relatively low risk - 40-49% chance of success – near term drill target.

Broughton North has also been evaluated and it is estimated to host some 3.43mln barrels of oil in the Ashover Grit and Penistone Flags reservoir sands.

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Mon, 26 Sep 2016 07:56:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/166433/wressle-start-up-expected-to-double-production-for-europa-oil-gas-plc-166433.html