http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Fri, 23 Jun 2017 06:11:57 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![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.”

]]>
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 - Update on three Offshore Ireland licences ]]> http://www.proactiveinvestors.co.uk/companies/rns/170619eogp917f/ Mon, 19 Jun 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170619eogp917f/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/170613eog9720h/ Tue, 13 Jun 2017 14:30:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170613eog9720h/ <![CDATA[RNS press release - Grant of options ]]> http://www.proactiveinvestors.co.uk/companies/rns/170613eogp9189/ Tue, 13 Jun 2017 09:24:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170613eogp9189/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/170613eogpfb97/ Tue, 13 Jun 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170613eogpfb97/ <![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/170612eog8212h/ Mon, 12 Jun 2017 12:11:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170612eog8212h/ <![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 --

]]>
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[RNS press release - Result of Open Offer ]]> http://www.proactiveinvestors.co.uk/companies/rns/170612eogp5303/ Mon, 12 Jun 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170612eogp5303/ <![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.

]]>
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[RNS press release - Issue of Equity & Notice of General Meeting ]]> http://www.proactiveinvestors.co.uk/companies/rns/170524eogpbb49/ Wed, 24 May 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170524eogpbb49/ <![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.

]]>
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[RNS press release - Issue of EA Permit Variation for Wressle Discovery ]]> http://www.proactiveinvestors.co.uk/companies/rns/170519eogp8c9b/ Fri, 19 May 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170519eogp8c9b/ <![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[RNS press release - CPR Confirms Two Large Prospects Offshore Ireland ]]> http://www.proactiveinvestors.co.uk/companies/rns/170508eogp81e4/ Mon, 08 May 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170508eogp81e4/ <![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.

CLICK HERE to sign up to the Proactive daily newsletter

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 --

CLICK HERE to sign up to the Proactive daily newsletter ]]>
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[RNS press release - New Planning Application for Wressle Discovery ]]> http://www.proactiveinvestors.co.uk/companies/rns/170503eogpc747/ Wed, 03 May 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170503eogpc747/ <![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[RNS press release - 4 New Prospects Identified on Offshore Ireland Lic ]]> http://www.proactiveinvestors.co.uk/companies/rns/170427eogpcdeb/ Thu, 27 Apr 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170427eogpcdeb/ <![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[RNS press release - Farm-out of Irish Licence to Cairn Energy Approved ]]> http://www.proactiveinvestors.co.uk/companies/rns/170426eogpce31/ Wed, 26 Apr 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170426eogpce31/ <![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.

]]>
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/170425eog1855d/ Tue, 25 Apr 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170425eog1855d/ <![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.

 

Subscribe to the newsletters for the best of Proactive Investors every day - SIGN UP HERE

]]>
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[RNS press release - Update on Wressle Oil Discovery ]]> http://www.proactiveinvestors.co.uk/companies/rns/170411eogp93e4/ Tue, 11 Apr 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170411eogp93e4/ <![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.”

]]>
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 --

]]>
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[RNS press release - Interim Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/170404eogpbd72/ Tue, 04 Apr 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170404eogpbd72/ <![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%.

]]>
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[RNS press release - Assignment of interest in UK onshore Licence ]]> http://www.proactiveinvestors.co.uk/companies/rns/170314eogp1104/ Tue, 14 Mar 2017 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170314eogp1104/ <![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.

]]>
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[RNS press release - US$6m Farm-Out of Ireland Licence to Cairn Energy ]]> http://www.proactiveinvestors.co.uk/companies/rns/170308eogpe9d9/ Wed, 08 Mar 2017 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170308eogpe9d9/ <![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).

]]>
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[RNS press release - Extension of Agreement to Sell Interest in Wressle ]]> http://www.proactiveinvestors.co.uk/companies/rns/170221eogp37ed/ Tue, 21 Feb 2017 14:05:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170221eogp37ed/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/170209eogp78eb/ Thu, 09 Feb 2017 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170209eogp78eb/ <![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.

]]>
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[RNS press release - Update on Wressle Oil Discovery ]]> http://www.proactiveinvestors.co.uk/companies/rns/170207eogp6b6f/ Tue, 07 Feb 2017 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170207eogp6b6f/ <![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.

]]>
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[RNS press release - Farm-Out of Holmwood, Weald Basin ]]> http://www.proactiveinvestors.co.uk/companies/rns/170206eogp497c/ Mon, 06 Feb 2017 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170206eogp497c/ <![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.

]]>
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[RNS press release - Update on Wressle Oil Discovery ]]> http://www.proactiveinvestors.co.uk/companies/rns/170111eogpfe15/ Wed, 11 Jan 2017 16:16:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170111eogpfe15/ <![CDATA[RNS press release - Result of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/161208eogp4afa/ Thu, 08 Dec 2016 17:33:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/161208eogp4afa/ <![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.  

]]>
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[RNS press release - Annual General Meeting Statement ]]> http://www.proactiveinvestors.co.uk/companies/rns/161208eogp048a/ Thu, 08 Dec 2016 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/161208eogp048a/