http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Sun, 24 Jun 2018 06:26:20 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201806150600PR_NEWS_UKDISCLO_0045/ Fri, 15 Jun 2018 11:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201806150600PR_NEWS_UKDISCLO_0045/ <![CDATA[Media files - Europa Oil & Gas sees near doubling in resources for South Porcupine Basin licence ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/9446/europa-oil-gas-sees-near-doubling-in-resources-for-south-porcupine-basin-licence-9446.html Tue, 05 Jun 2018 08:56:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/9446/europa-oil-gas-sees-near-doubling-in-resources-for-south-porcupine-basin-licence-9446.html <![CDATA[News - Europa Oil & Gas shares rise as firm reveals major resource upgrade for Irish exploration venture ]]> http://www.proactiveinvestors.co.uk/companies/news/198247/europa-oil-gas-shares-rise-as-firm-reveals-major-resource-upgrade-for-irish-exploration-venture-198247.html Europa Oil & Gas (Holdings) PLC (LON:EOG) saw its shares rise on Tuesday after the explorer revealed a major upgrade to its prospective resources in the South Porcupine Basin, Atlantic Ireland, following the analysis of new 3D seismic data.

The inventory for the Frontier Exploration Licence 3/13 increases by 93% to 2.9bn potential barrels of oil equivalent.

WATCH: Europa Oil & Gas sees near doubling in resources for South Porcupine Basin licence

It highlighted that 3D seismic confirmed and verified the Beckett, Shaw and Wilde prospects, with Beckett and Shaw now seen as a fan sequence – the explorer now believes the targets are much thicker and span a much wider area than it previously thought.

Chief executive Hugh Mackay told investors that the explorer intends to bring in a partner via a new farm-out process, once its two other Porcupine areas (FEL 2/13 and FEL 1/17) have also been reviewed.

“In FEL 3/13 we are seeing the first fruits of Europa’s major investment in 3D seismic data reprocessing in Atlantic Ireland,” Mackay said. “The size of the prize in FEL 3/13 has nearly doubled from 1.5 to 2.9 billion boe. Confidence in, and definition of, the Wilde prospect has increased significantly, whilst our new understanding of the size and thickness of the Beckett-Shaw fan-system has had a transformative effect on estimated volumes.”

Mackay described Wilde as ‘the lowest-risk prospect’ while noting that Europa is confident that a drill location on Wilde will be optimised to also test the larger volumes we identified at Beckett.

finncap hikes target price

In a note to clients, analysts at finnCap hiked their target price for Europa O&G by 28% to 55p to reflect the upgrade.

They said: “The shares have lagged this year due to delays to UK onshore planning approvals and the wavelength of expected drilling Offshore Ireland. However, confidence in – and the prospective size of – its Irish offshore portfolio continues to improve.

"A stronger oil price back drop should also improve the interest levels in the farm-out process across its portfolio once this kicks off in the next few months. Patience will be rewarded.”

In mid-morning trading, Europa O&G shares were 17.7% higher at 5.0p.

 -- Adds analyst comment, share price --

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Tue, 05 Jun 2018 08:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/198247/europa-oil-gas-shares-rise-as-firm-reveals-major-resource-upgrade-for-irish-exploration-venture-198247.html
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - 93% Increase in Prospective Resources Atlantic Ireland ]]> http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201806050200PR_NEWS_UKDISCLO_0002/ Tue, 05 Jun 2018 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201806050200PR_NEWS_UKDISCLO_0002/ <![CDATA[Media files - Europa Oil & Gas shifts focus to Inishkea gas prospects ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/9369/europa-oil-gas-shifts-focus-to-inishkea-gas-prospects-9369.html Thu, 24 May 2018 11:07:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/9369/europa-oil-gas-shifts-focus-to-inishkea-gas-prospects-9369.html <![CDATA[News - Europa Oil & Gas lets go of acreage as it narrows focus on Inishkea prospects ]]> http://www.proactiveinvestors.co.uk/companies/news/197603/europa-oil-gas-lets-go-of-acreage-as-it-narrows-focus-on-inishkea-prospects-197603.html As Europa Oil & Gas (Holdings) Plc (LON:EOG) narrows its focus in on the Inishkea prospects, in the vicinity of Ireland’s Corrib gas field, it has decided to relinquish a portion of its portfolio.

The explorer, in a stock market statement, revealed that it will give up offshore Licence Option 16/21 which covered an area in the Slyne basin, off Ireland’s West Coast.

It said that following initial exploration work the company sees limited potential in the 16/21 area, and, its judgement is that the asset block would compare poorly with other exploration areas in Ireland’s Atlantic Margin.

As such it believes it would be difficult to attract third party fund to a project in the 16/21 area.

WATCH: Europa Oil & Gas shifts focus to Inishkea gas prospects

Europa retains interests in six licence areas offshore Ireland, with potential undiscovered resources estimated at around 4.7bn barrels oil equivalent.

The priority is focused on Licence Option 16/20, also in the Slyne Basin, which hosts the Inishkea prospects.

Here, Europa is working to advance the exploration prospects to ‘drill ready’ status. To that end, it recently began 3D seismic reprocessing, which is due to be complete in the fourth quarter – and it will be followed by planning for a well programme and a farm-out partnering process.

“Europa is focussed on taking the Inishkea prospects in LO 16/20 to drill ready status and is actively investigating the feasibility of drilling what could be a company-making exploration well in 2019 or 2020,” said Hugh Mackay, Europa chief executive.

“We will not hesitate to exercise technical and commercial judgement and rationalise the portfolio where required. 

“Having fulfilled our work programme on LO 16/21, we have elected to relinquish and concentrate our technical resources on the remaining six very high impact exploration licences in our Atlantic Margin portfolio.”

Inishkea efforts advance to target 2019 well

The company has also now commissioned drilling and environmental specialists to engage in the regulatory process to enable a potential drilling programme in 2019.

Europa sees the Inishkea prospects holding a potential 2.5 trillion cubic feet of undiscovered gas initially in place.

Significantly, it described the prospects as being lower risk, in comparatively shallow water, close to gas infrastructure.

He added: “We have one of the largest operated acreage positions in Atlantic Ireland built through first mover advantage against strong competition from the majors.

“We are working hard to maximise the value of this outstanding position and I look forward to updating our investors with progress towards this goal.”

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Thu, 24 May 2018 07:20:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/197603/europa-oil-gas-lets-go-of-acreage-as-it-narrows-focus-on-inishkea-prospects-197603.html
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Update on offshore Ireland portfolio ]]> http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201805240200PR_NEWS_UKDISCLO_0006/ Thu, 24 May 2018 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201805240200PR_NEWS_UKDISCLO_0006/ <![CDATA[News - Europa Oil & Gas in the spotlight as Inishkea is promoted to ‘flagship’ project ]]> http://www.proactiveinvestors.co.uk/companies/news/194543/europa-oil-gas-in-the-spotlight-as-inishkea-is-promoted-to-flagship-project-194543.html Europa Oil & Gas Holdings Plc (LON:EOG) added some extra focus and rationale to its business during the first quarter of 2018.

The Ireland-focussed oil and gas junior has now prioritised an area in the vicinity of the Corrib gas field, the country’s largest commercial source of hydrocarbons, and, this is now seen as the ‘flagship’ asset in what is a large and varied portfolio.

This area, referred to as ‘the Inishkea prospects’, is located in Licensing Option 16/20 and exploration work to date has provided positive findings.

Efforts are presently underway to establish a prospect inventory for Inishkea. The work is expected to be complete during the first half of 2019, ahead of exploration drilling which is potentially slated for 2020.

Europa reckons each of its seven exploration areas offshore Ireland can become “company makers”, but, with the proximity to Corrib, the Inishkea areas deemed to be the closest to commercial success (figuratively and literally).

Earlier this month, Europa boss Hugh Mackay said: “In the Slyne Basin next to the Corrib gas field we have been impressed with the results to date and are therefore fast tracking further work on our Inishkea prospects in LO 16/20 so that we are in a position to drill a well targeting ‘company-making’ gas resources in a proven play close to existing infrastructure as early as 2019.”

At the same time, Europa in March told investors that it was now looking to possible new opportunities, which would add a third area of interest on top of the offshore Ireland and onshore UK assets.

Offshore Ireland: A catalogue of prospects are advancing

Europa has interests in seven exploration project areas off Ireland’s west coast, in the Atlantic margin, and through desktop work the company has already detailed a catalogue of prospects that it believes could be host to some 4.7bn barrels of oil across its inventory of 32 prospects.

The idea is to bring in bigger explorers who can help fund wells to test these big numbers. In the meantime, the hope is that third party drilling can provide the kind of breakthrough that can spur new investments into the very promising but as yet unproven Irish oil frontier.

A slew of big oil firms took new exploration areas back in a 2016 auction by the Irish government with ExxonMobil, Statoil and the Chinese National Offshore Oil Company (via its Nexen vehicle).

Onshore UK: Production growth pending

In the UK, the prize is smaller but far from immaterial. Europa has a collection of interests in production, development and exploration assets - at the end of December it had 1mln barrels of gross proved and probable reserves, and 3.1mln barrels of gross 2C resources.

Beyond that, it has some 13mln barrels of prospective oil resources 27mln barrels oil equivalent.

Europa’s share of production from onshore UK amounted to 97 barrels oil equivalent per day during the year, allowing the company to generate positive cash flow over the course of the year.

For investors, much of the recent attention has been on Europa’s 30% stake in the Wressle field, which has been held up in a planning dispute, but, in a practical sense at least, could still be on the verge of production.

Wressle, if and when it comes, could double Europa’s current production profile.

Financial results for 2017, saw Europa generate £1.6mln for the year, up from £1.3mln in the previous twelve months, and it marked a pre-tax loss £0.7mln.

Similarly, Europa’s 20% owned Holmwood project has also been impacted by UK planning delays.

Here, there have been expectations for drilling operations to get underway at Holmwood during the first six months of next year, and the regulatory process is ongoing.

In February, Europa told investors that the UK Environment Agency has indicated in a draft decision advertisement that it is inclined to award a bespoke environmental permit for drilling and testing for the Holmwood exploration well. It was followed by a public consultation process.

A well at Holmwood will target the conventional Portland reservoir and it will also examine the deeper Kimmeridge zones - it is seen essentially as a follow up to the nearby Horse Hill discovery.

FinnCap sees massive upside

Analyst Jonathan Wright has a 43p price target for Europa, versus the current target price of 3.36p.

“Europa shares have been buffeted by frustrations with the UK planning process, as its Wressle development and Holmwood exploration well have both been held up by delays to application approvals.

“However, this has masked real progress offshore Ireland, where new and reprocessed seismic is expected to lead to increased prospectivity and reduced risk across its large exploration portfolio.”

Wright reckons Europa is set to relaunch its farm-out efforts for offshore Ireland in the next quarter, and, he highlighted that at least two wells could be drilled next year by third parties in the Atlantic.

“Some 30 prospects have been identified containing over 5Bboe of unrisked prospective resources,” the analyst said. “Our 43p target price includes just three of these, heavily risked geologically and commercially.

“As progress is made on prospect definition and well funding, these should gradually derisk. Fully derisked, and assuming EOG gives away 75% of its stake to fund drilling, these three prospects alone would be worth £1.50/sh.”

He added: “At the current share price, valuation is underpinned by its UK assets, meaning investors get Ireland for free.”

All things considered, there’s no shortage of catalysts for investors in Europa.

Now with plans to expedite exploration at Inishkea and hopes for progress onshore UK, the company is certainly one for investors to watch.

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Mon, 09 Apr 2018 16:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/194543/europa-oil-gas-in-the-spotlight-as-inishkea-is-promoted-to-flagship-project-194543.html
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201804041218PR_NEWS_UKDISCLO_0111/ Wed, 04 Apr 2018 17:18:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201804041218PR_NEWS_UKDISCLO_0111/ <![CDATA[News - Europa Oil & Gas looking to add third opportunity as Irish gas projects are being fast-tracked ]]> http://www.proactiveinvestors.co.uk/companies/news/194221/europa-oil-gas-looking-to-add-third-opportunity-as-irish-gas-projects-are-being-fast-tracked-194221.html Europa Oil & Gas Holdings Plc (LON:EOG) chief executive Hugh Mackay told investors that the explorer is looking at adding a third ‘core’ area, on top of its acreage offshore Ireland and its interests onshore UK.

“Outside our existing portfolio, we are actively looking to add a third core area of interest and are evaluating several opportunities at various stages of development,” Mackay said, in the company’s interim results statement.

READ: Europa Oil & Gas to focus on Inishkea prospects close to Corrib gas field

“With their considerable experience and extensive network of contacts within the sector, recent Board appointments Simon Oddie and Brian O'Cathain, are already making valuable contributions to this process.”

Aside from possible new ventures, the company’s results highlighted the ongoing progress with technical desktop work to advance the Irish assets - where the company is now fast-tracking and focussing on prospects in the Slyne basin, in proximity to the large producing Corib gas field.

Six prospects have to date been identified in the exploration area, with the combined potential estimated at some 2.5 trillion cubic feet of gas initially in place. The company has noted that a pending prospective resource figure is now expected to be significantly higher than the 1 TCF that had previously mapped in the area.

Internally, this new inventory (to be known as the Inishkea prospects) are now considered to be the group’s ‘flagship’ assets.

Later this year, the company intends to complete an updated prospect inventory for three of its South Porcupine licences and that will coincide with the relaunch of a fresh partnering process.

“Technical work across our offshore Ireland licences is progressing on schedule and most importantly the 3D seismic PSDM reprocessing projects are producing the uplift in data quality we were looking for,” Mackay said.

“In the Slyne Basin next to the Corrib gas field we have been impressed with the results to date and are therefore fast tracking further work on our Inishkea prospects in LO 16/20 so that we are in a position to drill a well targeting ‘company-making’ gas resources in a proven play close to existing infrastructure as early as 2019.”

He added: “In the South Porcupine, improved mapping on reprocessed 3D seismic will lower geological risk for several prospects that make up the 2 billion barrels of oil equivalent of audited prospective resources and 2.2 billion boe of prospective in-house resources that have already been mapped. “

Onshore UK, the company retains a stake in the Wressle discovery - which had stalled due to the planning approval process - and a stake in the Holmwood exploration site which lies in the vicinity of the increasingly high profile Horse Hill project.

“We will be working hard with our partners to satisfy all outstanding matters so that both projects can be advanced,” Mackay added.

In terms of financial results, Europa reported £800,000 of revenue for the six month period and made a £500,000 loss. At the end of the period, January 31, it had £2.3mln of cash.

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Wed, 04 Apr 2018 07:38:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/194221/europa-oil-gas-looking-to-add-third-opportunity-as-irish-gas-projects-are-being-fast-tracked-194221.html
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Interim Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201804040200PR_NEWS_UKDISCLO_0013/ Wed, 04 Apr 2018 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201804040200PR_NEWS_UKDISCLO_0013/ <![CDATA[Media files - Europa Oil And Gas looks to fast-track 'flagship' Inishkea prospects ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8875/europa-oil-and-gas-looks-to-fast-track-flagship-inishkea-prospects-8875.html Wed, 14 Mar 2018 10:23:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8875/europa-oil-and-gas-looks-to-fast-track-flagship-inishkea-prospects-8875.html <![CDATA[News - Europa Oil & Gas to focus on Inishkea prospects close to Corrib gas field ]]> http://www.proactiveinvestors.co.uk/companies/news/193137/europa-oil-gas-to-focus-on-inishkea-prospects-close-to-corrib-gas-field-193137.html Europa Oil & Gas Holdings Plc (LON:EOG) told investors that it intends to fast-track ongoing technical work on the Licensing Option 16/20, an exploration area in the vicinity of the Corrib gas field, offshore Ireland.

It is picking up the pace because of positive findings in the work carried out to date.The company said it now considers the area, referred to as ‘the Inishkea prospects’, to be the group’s “flagship project”.

READ: Europa-operated Holmwood exploration project gets support from Environment Agency

Europa highlighted that, via its technical work, it intends to complete a prospect inventory in the first half of 2019 and it would subsequently look to deliver an exploration well in 2020.

It said that all of the group’s assets offshore are seen as “company making”, but, it intends to focus most on the Inishkea area for a number of technical and commercial reasons – it is seen to be lower risk as the gas play is well understood because of Corrib, the resource potential is significant at an estimated 2.5 trillion cubic feet, it is comparatively shallow water (between 400 and 600 metres), and gas infrastructure is already in place.

Europa highlighted that gas is seen to be a significant component of Ireland’s future energy mix for both electricity and heating, and as such the company sees positive economic demand factors.

WATCH: Europa Oil And Gas looks to fast-track 'flagship' Inishkea prospects

Europa added that it remains “very motivated and encouraged” by its oil exploration prospects, located further offshore in the South Porcupine basin and it is “working very hard to complete a farm-in” for those assets.

“The South Porcupine is dominated by major and supermajors and we believe that exploration drilling will be led by them and at their pace. We will be part of this evolving exploration story,” the company said in a statement.

“Our portfolio exposes our investors to the full range of South Porcupine hydrocarbon plays and we will benefit from exploration success in the basin in whichever play it is found. We believe that in due course oil will be found in our prospects.”

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Wed, 14 Mar 2018 08:13:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/193137/europa-oil-gas-to-focus-on-inishkea-prospects-close-to-corrib-gas-field-193137.html
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Shareholder Newsletter & LO 16/20 Inishkea update ]]> http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201803140300PR_NEWS_UKDISCLO_0004/ Wed, 14 Mar 2018 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201803140300PR_NEWS_UKDISCLO_0004/ <![CDATA[Media files - Europa Oil & Gas welcomes support for Holmwood from Environment Agency ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8763/europa-oil-gas-welcomes-support-for-holmwood-from-environment-agency-8763.html Mon, 19 Feb 2018 15:44:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8763/europa-oil-gas-welcomes-support-for-holmwood-from-environment-agency-8763.html <![CDATA[News - Europa-operated Holmwood exploration project gets support from Environment Agency ]]> http://www.proactiveinvestors.co.uk/companies/news/191818/europa-operated-holmwood-exploration-project-gets-support-from-environment-agency-191818.html Europa Oil & Gas Plc (LON:EOG) has told investors that the UK Environment Agency has indicated in a draft decision advertisement that it is inclined to award a bespoke environmental permit for drilling and testing for the Holmwood exploration well.

There will now be a four week public consultation process, taking place between February 15 to March 15.

WATCH: Europa Oil & Gas welcomes support for Holmwood from Environment Agency

"We are pleased to have reached this important stage in the environmental permitting process,” said Hugh Mackay, Europa chief executive.

“Whilst we are still in the determination process and a final decision has not been made, it is nonetheless positive that the Environmental Agency is inclined to approve.

“We look forward to the outcome of the consultation process and will keep shareholders updated."

READ: Europa and Union Jack Oil boosted by Egdon’s decision to make new planning application for Wressle oil project

Europa is the operator at Holmwood, holding a 20% stake in the project alongside a number of exploration partners – including UK Oil and Gas Investments Plc (LON:UKOG) with 30%, Union Jack Oil PLC (LON:UJO) and Angus Energy Plc (LON:ANGS).

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Mon, 19 Feb 2018 07:13:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/191818/europa-operated-holmwood-exploration-project-gets-support-from-environment-agency-191818.html
<![CDATA[RNS press release - EA minded to award permit for Holmwood ]]> http://www.proactiveinvestors.co.uk/companies/rns/3682/LSE20180219070005_13537176/ Mon, 19 Feb 2018 07:00:05 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3682/LSE20180219070005_13537176/ <![CDATA[Media files - Europa Oil & Gas hires industry heavyweights as new chairman and non-exec director ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8658/europa-oil-gas-hires-industry-heavyweights-as-new-chairman-and-non-exec-director-8658.html Thu, 25 Jan 2018 08:26:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8658/europa-oil-gas-hires-industry-heavyweights-as-new-chairman-and-non-exec-director-8658.html <![CDATA[News - Europa Oil & Gas Holdings appoints Simon Oddie as new chairman ]]> http://www.proactiveinvestors.co.uk/companies/news/190595/europa-oil-gas-holdings-appoints-simon-oddie-as-new-chairman-190595.html Europa Oil & Gas Holdings Plc (LON:EOG) has announced the appointment of a new chairman, with Simon Oddie to replace Colin Bousfield.

The company has also hired former Petroceltic boss Brian O’Cathain as a non-executive director.

“I am delighted to welcome Simon and Brian to the board,” said Hugh Mackay, Europa chief executive.

“They each bring substantial and relevant experience of upstream exploration and production along with first class technical and commercial expertise.

“As a result, their respective appointments neatly complement the existing board’s collective skillset.

“We are focused on our corporate performance and I am confident they will both play a key role in achieving future success for the company.

READ: Future of Wressle oil project remains in doubt after latest planning decision

“We have an industry-leading high-impact exploration portfolio offshore Ireland, we have a full cycle exploration and production portfolio onshore UK and we are actively pursuing new venture opportunities. Our objective is to create value for our investors.”

Departing chairman Bousfield, meanwhile, added: “It has been a privilege to be associated with Europa and I would like to thank shareholders, employees and fellow board members for their support over the years.”

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Thu, 25 Jan 2018 07:23:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/190595/europa-oil-gas-holdings-appoints-simon-oddie-as-new-chairman-190595.html
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Board Changes ]]> http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201801250200PR_NEWS_UKDISCLO_0008/ Thu, 25 Jan 2018 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201801250200PR_NEWS_UKDISCLO_0008/ <![CDATA[Media files - Europa Oil & Gas welcomes new planning application for Wressle ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8632/europa-oil-gas-welcomes-new-planning-application-for-wressle-8632.html Thu, 18 Jan 2018 10:44:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8632/europa-oil-gas-welcomes-new-planning-application-for-wressle-8632.html <![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Correction: Update on Wressle, North Lincolnshire ]]> http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201801180500PR_NEWS_UKDISCLO_0043/ Thu, 18 Jan 2018 10:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201801180500PR_NEWS_UKDISCLO_0043/ <![CDATA[News - Europa and Union Jack Oil boosted by Egdon’s decision to make new planning application for Wressle oil project ]]> http://www.proactiveinvestors.co.uk/companies/news/190210/europa-and-union-jack-oil-boosted-by-egdons-decision-to-make-new-planning-application-for-wressle-oil-project-190210.html Project operator Egdon Resources Plc (LON:EDR) has revealed that the tussle over planning permission for the Wressle field is not over.

The onshore UK company - alongside London-listed partners Europa Oil & Gas Plc (LON:EOG) and Union Jack Oil PLC (LON:UJO) - told investors that it will now make a new planning application to the North Lincolnshire council seeking consent for the Wressle field development.

READ: Egdon Resources picks up new midlands gas project

It comes after the planning inspectorate earlier this month rejected appeals made by Egdon and its partners following prior planning refusals by the council.

Egdon said it has taken legal and planning advice, and has fully considered the specific reasons for rejection of the appeals.

The new application will be made before the current expiry of the current planning consent for Wressle (accordingly the deadline is April 28), though it also intends make a new application to extend the current consent period to allow the council sufficient time to consider the new application.

Still committed to Wressle

"Egdon and its joint venture partners remain fully committed to the Wressle project and the proposed new application will address the limited reasons for refusal highlighted by the inspector,” said Mark Abbott, chief executive of Egdon, which owns 25% of the project.

Elsewhere, Europa Oil & Gas and Upland Resources Ltd (LON:UPL) have cancelled a proposed deal which would have seen the latter take a 10% stake in the Wressle field, subject to planning approval, and accordingly the former will retain a 30% interest in the project.

Europa chief executive Hugh Mackay, in a statement, said: “Wressle is a proven oil discovery with proven reserves, significant upside and capable of flowing at 500 bopd gross on production startup. It remains an excellent opportunity to significantly increase our net production. 

“Along with all the partners, we therefore support Egdon’s plans to submit new applications that address the issues raised by the inspector. 

“We are confident these issues are not insurmountable and that Wressle will finally be brought online.”

David Bramhill, chairman of 15% project stakeholder Union Jack Oil, meanwhile, added: “We share the frustration of our shareholders given the UK planning obstacles we have encountered at Wressle, so we fully endorse the decisions of the Wressle joint venture partners to pursue all credible avenues to be able to bring this significant conventional oil discovery into production. 

“In addition to the Wressle forward plan, I would like to reassure shareholders that as Union Jack possesses an attractive onshore portfolio of other producing assets and drill-ready exploration and appraisal targets that, in today's oil price environment, the board has been alert to generating improved shareholder value by refining its forward strategy.”

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Thu, 18 Jan 2018 07:28:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/190210/europa-and-union-jack-oil-boosted-by-egdons-decision-to-make-new-planning-application-for-wressle-oil-project-190210.html
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Update on Wressle, North Lincolnshire ]]> http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201801180200PR_NEWS_UKDISCLO_0006/ Thu, 18 Jan 2018 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201801180200PR_NEWS_UKDISCLO_0006/ <![CDATA[News - Future of Wressle oil project remains in doubt after latest planning decision ]]> http://www.proactiveinvestors.co.uk/companies/news/189569/future-of-wressle-oil-project-remains-in-doubt-after-latest-planning-decision-189569.html The future of the Wressle oil project remains in doubt following a decision by the UK planning inspectorate.

The inspector has rejected two appeals submitted by project operator Egdon Resources Plc (LON:EDR) which opposed two planning refusals by North Lincolnshire County Council’s Planning Committee.

READ: Europa Oil & Gas celebrates ‘record year’ for corporate activity

At the same time, however, the inspector also upheld Egdon’s appeal against the decision to refuse the application to retain the existing planning for the well site, which is retained until 28 April 2018. 

In a statement, Wressle stakeholder Europa Oil & Gas (Holdings) Plc (LON:EOG) told investors: “The Joint Venture partners are considering in detail the reasons for the refusals as contained in the decision notice and will review the options available.  A further update will be provided to the market in due course.”

Europa holds a 30% interest in Wressle, although a deal is in place to sell a 10% stake to Upland Resources Ltd (LON:UPL). Egdon owns 25%, Celtique Energie Petroleum has 33.33% while Union Jack Oil PLC (LON:UJO) owns 11.67%.

READ: UK set for ‘significant’ shale gas activity – Egdon Resources

Having discovered oil in a 2014 well, the partners had wanted to quickly develop the field, which would be a relatively small project, in order to establish an oil production operation that would have yielded a combined rate of around 500 barrels of oil per day from a number of intervals.

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Fri, 05 Jan 2018 07:33:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/189569/future-of-wressle-oil-project-remains-in-doubt-after-latest-planning-decision-189569.html
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Wressle Development Planning Appeals Rejected ]]> http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201801050200PR_NEWS_UKDISCLO_0012/ Fri, 05 Jan 2018 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201801050200PR_NEWS_UKDISCLO_0012/ <![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Result of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201712141103PR_NEWS_UKDISCLO_0094/ Thu, 14 Dec 2017 16:03:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201712141103PR_NEWS_UKDISCLO_0094/ <![CDATA[RNS press release - Shareholder Newsletter ]]> http://www.proactiveinvestors.co.uk/companies/rns/3682/LSE20171214110001_13465677/ Thu, 14 Dec 2017 11:00:01 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3682/LSE20171214110001_13465677/ <![CDATA[News - Europa Oil & Gas celebrates ‘record year’ for corporate activity ]]> http://www.proactiveinvestors.co.uk/companies/news/188774/europa-oil-gas-celebrates-record-year-for-corporate-activity-188774.html Europa Oil & Gas (Holdings) Plc (LON:EOG) has had a “record year” for corporate activity, chairman Colin Bousfield told investors ahead of today’s AGM.

“The company agreed no fewer than seven transactions for the financial year ending 31 July 2017, all of which are in line with our strategy to advance our asset base towards value trigger events such as drilling, whilst managing the associated risks,” Bousfield said in a statement.

“The above number of deals does not tell the whole story.  

“We remain in active discussions with potential partners for several other licences, most notably our industry leading acreage offshore Ireland, and I am confident that the strong momentum behind our deal flow will be maintained, as we focus on proving up the billions of barrels of prospective resources we have identified across our licences.”

The highlight for the exploration company, which is focussed on project offshore Ireland and onshore UK, was a deal to sell 70% of an Irish exploration venture to Cairn Energy PLC (LON:CNE) which committed to funding some US$6mln on new operations.

It also dealt 12.5% of the Holmwood (a potential ‘Horse Hill lookalike’) exploration project, in Southern England, to Angus Energy – that transaction will see Europa fully carried for its remaining 20% stake in the well.

Bousfield added: “With six offshore Ireland licences at various stages of the farm-out process, we are confident further deals will be agreed. 

“Our confidence is not based solely on the quality of our assets and our inhouse technical work, but also on the high level of interest in the region.

“The flurry of transactions seen during 2017, including our own farm-out to Cairn Energy, is testament to offshore Ireland’s emergence as an exploration hotspot. Thanks to our unique position, Europa is very much at the heart of this exciting new play and we are determined to capitalise on this for the benefit of our shareholders.”

Looking at the UK onshore, specifically Holmwood and the Weald basin, Bousfield highlighted the potential for ‘needle moving activity’ and he also noted the possibility of new production elsewhere in the UK should the Planning Inspectorate approve the Wressle field start-up project.

“With work streams underway across our portfolio, we are delivering on our objective to expose our shareholders to multiple company-making opportunities, while reducing risk and minimising capital commitments.  I look forward to providing further updates on our progress in the year ahead.”

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Thu, 14 Dec 2017 07:18:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/188774/europa-oil-gas-celebrates-record-year-for-corporate-activity-188774.html
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - AGM Statement ]]> http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201712140200PR_NEWS_UKDISCLO_0009/ Thu, 14 Dec 2017 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201712140200PR_NEWS_UKDISCLO_0009/ <![CDATA[Media files - Europa Oil & Gas reckons there's 2.5 TCF potential in Slyne basin ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8533/europa-oil-gas-reckons-there-s-25-tcf-potential-in-slyne-basin-8533.html Wed, 13 Dec 2017 09:07:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8533/europa-oil-gas-reckons-there-s-25-tcf-potential-in-slyne-basin-8533.html <![CDATA[News - Europa Oil & Gas sees potential for major new discoveries near Ireland’s Corrib gas field ]]> http://www.proactiveinvestors.co.uk/companies/news/188704/europa-oil-gas-sees-potential-for-major-new-discoveries-near-irelands-corrib-gas-field-188704.html Europa Oil & Gas Holdings PLC (LON:EOG) saw its shares push higher today after the firm said it has identified the potential for more than 2.5 trillion cubic feet of gas in its exploration area, in the Slyne basin, adjacent to Ireland’s Corrib field.

In late morning trading, Europa O&G shares were nearly 7% higher at 5.75p.

WATCH: Europa Oil & Gas reckons there's 2.5 TCF potential in Slyne basin

Corrib is Ireland’s largest producing offshore gas field, with significant infrastructure to shore, and the AIM quoted explorer is assessing the nearby area for new discoveries.

Geological mapping work has now outlined a number of significant structures, Europa said, and whilst these structures are of a size to potentially host in excess of 2.5 TCF of gas the company is presently advancing work for formal estimates of prospective resources.

Europa’s mapping follows new technical work on past 3D seismic data, as well as newly available data from a Shell well drilled back in 2010 which suggested the presence of gas in the Corrib North target some 7 kilometres away from the Corrib field.

Giving specific details Europa highlighted that a group of three prospects, to be known as the Foyle prospects, could host 2 TCF alone.

Europa anticipates having resource estimates together in the first half of the new year, and at the same time it is committing to further technical work designed to upgrade the Foyle prospects to ‘drillable’ status.

Work validates early technical promise

“This work by Europa validates the early technical promise shown when we made our licence application,” said Hugh Mackay, Europa chief executive.

“The Foyle prospects in particular have stood up to detailed scrutiny and mapping indicates a gas in place in excess of 2 TCF.

“In addition, we are pleased to identify proven gas in Corrib North, which not only significantly de-risks this structure, but also the Foyle prospects. “

Mackay added: “Whilst there is a popular conception that Atlantic Ireland is deep water, high risk frontier exploration this is not true of the Slyne Basin where the multiple prospects we have identified in LO 16/20 are mostly in relatively shallow water (400-600m) and represent lower risk exploration and appraisal close to the producing Corrib gas field. LO16/20, along with LO16/21 which is also located in the Slyne Basin, are a key component of our industry-leading licence position offshore Ireland.”

Europa has an inventory of seven licences offshore Ireland, spanning 5,818 square kilometres and host to some 30 prospects (identified to date) which have been estimated at the desktop to contain some 4.7bn barrels of crude and 1.5 TCF of gas.

 -- Adds share price --

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Wed, 13 Dec 2017 07:29:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/188704/europa-oil-gas-sees-potential-for-major-new-discoveries-near-irelands-corrib-gas-field-188704.html
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Technical Update on LO16/20 Offshore Ireland ]]> http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201712130200PR_NEWS_UKDISCLO_0011/ Wed, 13 Dec 2017 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201712130200PR_NEWS_UKDISCLO_0011/ <![CDATA[News - Europa Oil & Gas exits offshore UK project in deal with Egdon Resources ]]> http://www.proactiveinvestors.co.uk/companies/news/188162/europa-oil-gas-exits-offshore-uk-project-in-deal-with-egdon-resources-188162.html Europa Oil & Gas Holdings Plc (LON:EOG) has agreed to sell its stake in the offshore UK P2034 licence to Egdon Resources Ltd (LON:EDR) in a deal worth up to £1.45mln.

It effectively expands Egdon’s footprint offshore North Yorkshire where it already has a project immediately adjacent to P2034.

READ: Europa Oil & Gas Holdings takes two-track approach for Holmwood planning

To begin with, Egdon will just reimburse some of Europa’s past costs, further staged payments will be tied to project milestones - for example, £50,000 would be due upon completion of 3D seismic and £100,000 would come after a first well is drilled.

Some £1.3mln of the potential deal value is specifically tied to future production milestones.

“The sale of our interest in P2304 eliminates our exposure to ongoing costs whilst retaining our exposure to future drilling success,” said Hugh Mackay, Europa chief executive.

“Furthermore, combining P2304 with Egdon’s licence is anticipated to enhance the possibility of delivering farmout success to the benefit of all parties to the transaction. 

“Today’s disposal is in line with our strategy to optimise the risk / reward trade off across our onshore UK and offshore Ireland exploration portfolio.  We continue to focus on securing farm outs, specifically within our industry leading portfolio of offshore Ireland licences, and I look forward to providing further updates in due course.”

READ: Europa Oil & Gas's many moving parts offer plenty of share price catalysts

Mark Abbott, Egdon managing director, meanwhile, said: “We are pleased to have acquired this highly prospective acreage at a nominal up-front consideration. 

“The licence contains a mapped extension of the Resolution gas accumulation and an additional proven gas discovery. 

“We will now work to integrate our evaluation of the new licence into our detailed understanding of P1929 with a view to progressing appraisal of the proven gas resources in the combined area."

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Mon, 04 Dec 2017 07:33:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/188162/europa-oil-gas-exits-offshore-uk-project-in-deal-with-egdon-resources-188162.html
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - P2034 Offshore Licence Sale ]]> http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201712040200PR_NEWS_UKDISCLO_0002/ Mon, 04 Dec 2017 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201712040200PR_NEWS_UKDISCLO_0002/ <![CDATA[News - Europa Oil & Gas Holdings takes two-track approach for Holmwood planning ]]> http://www.proactiveinvestors.co.uk/companies/news/187554/europa-oil-gas-holdings-takes-two-track-approach-for-holmwood-planning-187554.html Europa Oil & Gas Holdings Plc (LON:EOG) has confirmed it is following a two-track strategy ito secure planning permission for the proposed Holmwood well near the Horse Hill site in Surrey.

Surrey County Council’s planning committee last month deferred a decision, citing the traffic management plan attached to Europa's application for Holmwood.

READ: Europa Oil & Gas now expects Holmwood drilling in 2018 as Surrey defers decision

In a statement on Tuesday, Europa confirmed that will a resubmit a Traffic Management Plan to the council and that it intends to appeal to the planning inspectorate.

Additionally, the company said it will undertake additional consultations with parish councils and residents of Coldharbour Lane to provide further information regarding the Traffic Management Plan.

READ: Europa Oil & Gas expects more progress offshore Ireland and onshore UK

“The resubmittal and the appeal form part of a dual track approach that Europa and its partners believe provides the best opportunity for a successful planning outcome and which will enable the discharge of Condition 19 [which relates to traffic management],” Europa said in a statement.

Europa is the operator of the Holmwood project, it holds a 20% stake, meanwhile the venture also includes UK Oil & Gas Investments PLC (LON:UKOG) with 30%, Egdon Resources Ltd (LON:EDR) with 18.4%, Angus Energy Plc (LON:ANGS) with 12.5%, and Union Jack Oil PLC (LON:UJO) which as 7.5%.

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Tue, 21 Nov 2017 07:30:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/187554/europa-oil-gas-holdings-takes-two-track-approach-for-holmwood-planning-187554.html
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Update on Holmwood Well, PEDL 143, Weald Basin ]]> http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201711210200PR_NEWS_UKDISCLO_0007/ Tue, 21 Nov 2017 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201711210200PR_NEWS_UKDISCLO_0007/ <![CDATA[News - Europa Oil & Gas's many moving parts offer plenty of share price catalysts ]]> http://www.proactiveinvestors.co.uk/companies/news/186442/europa-oil-gas-s-many-moving-parts-offer-plenty-of-share-price-catalysts-186442.html There are many moving parts to the Europa Oil & Gas Plc (LON:EOG) business, and all represent potential share price catalysts for investors.

Europa, in Monday’s results statement, told investors that it is expecting to see more progress with its Irish exploration portfolio as well as potential news for the production growth onshore UK.

Chief executive Hugh Mackay said: “With so much activity on so many fronts in the months ahead, I look forward to providing further updates, as we continue with our strategy to monetise our asset base and generate value for our shareholders.”

Big potential in unproven offshore Ireland

Europa has interests in seven exploration project areas off Ireland’s west coast, in the Atlantic margin, and through desktop work the company has already detailed a catalogue of prospects that it believes could be host to some 4.7bn barrels of oil across its inventory of 32 prospects.

The strategy is to bring in bigger explorers who can help fund wells to test these big numbers.

To that end it has some success; a deal was agreed with Kosmos Energy back in the summer of 2013 only for that deal to be cancelled in September 2015 after a change in management led to a rethink of priorities for the mid-cap partner.

Much more recently, Cairn Energy farmed into a stake in Licensing Option 16/19 where Europa has so far estimated between 300mln barrels and 1bn barrels oil equivalent.

Europa is now working on further similar transactions.

The Cairn tie-up sees the partners initially focussing on seismic processing and analysis in order to de-risk and ‘high grade’  exploration target ahead of a future drill programme (at present two of the targets are deemed ‘drill ready’.

In the meantime, the hope is that third party drilling can provide the kind of breakthrough that can spur new investments into the very promising but as yet unproven Irish oil frontier.

A slew of big oil firms took new exploration areas back in a 2016 auction by the Irish government with ExxonMobil, Statoil and the Chinese National Offshore Oil Company (via its Nexen vehicle).

Since then, AIM-peer Providence drilled a well this summer in partnership with Total and Cairn Energy.

Providence’s well failed to hit the bullseye, with both the Druid and Drombeg targets both containing water not oil; nevertheless, a new wildcat is understood be in the works nearby, with a subsidiary of the Chinese state oil company planning a well for 2018.

Mackay, on Monday, highlighted: “We remain focused on securing farm-outs for the remainder of our Irish licences with partners with whom we can advance our assets towards drilling.”

Tangible production growth and a new onshore play

Onshore UK the prize is orders of magnitude smaller, albeit, the projects are more tangibly near term – at least it could be, subject to local politics.

The company is a planning appeal judgement away from doubling group production, with Europa’s 30% stake Wressle field set to add 100 barrels per day which would bring net output to 200 bopd.

Monday’s financial results statement saw revenue of £1.6mln for the year, up from £1.3mln in the previous twelve months, and it marked a pre-tax loss £0.7mln.

A doubling of production would have a meaningful impact on the group’s financial metrics, even if the Wressle field may appear small beans compared the touted exploration potential offshore Ireland.

As well as Wressle, the Holmwood project provides another source of catalysts for Europa.

Holmwood (like Wressle) has had its fair share of planning complications - it was finally greenlighted after a number of years, and earlier this month it made an additional application for a security fence and the project now awaits further judgements related to traffic management.

Europa, which holds 20% of the project, expects drilling operations to get underway at Holmwood during the first six months of next year.

At its inception Holmwood was going to be a relatively straightforward production project with the potential for incremental growth.

In the interim, whilst the project was in planning purgatory, the proposition was dramatically altered by the apparent breakout success of the Horse Hill project - which is located immediately to the west of the so-called ‘Gatwick Gusher’ well site.

A well at Holmwood will target the conventional Portland reservoir and it will also examine the deeper Kimmeridge zones.

Consequently, Holmwood will be added to the roster of wells targeting the potentially prolific emerging oil play which was unearthed through the successful well test at Horse Hill (which yielded at total rate of 1,688 bopd, including 1,365 bopd from the Kimmeridge).

Those following the play and the companies involved - including UK Oil & Gas Investments PLC (LON:UKOG), Angus Energy Plc (LON:ANGS), Doriemus PLC (LON:DOR) - are presently focussed on the Broadford Bridge, Brockham and the upcoming new programme at Horse Horse.

The start of drilling at Holmwood will bring Europa in the Horse Hill cabal, and as such there may be an uptick in speculative buyers into the stock.

All things considered, there’s no shortage of catalysts for investors in Europa. It remains to be seen how quickly these milestones can move the share price, in the meantime attentions will be trained offshore, onshore and the boardroom.

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Mon, 30 Oct 2017 16:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/186442/europa-oil-gas-s-many-moving-parts-offer-plenty-of-share-price-catalysts-186442.html
<![CDATA[News - Europa Oil & Gas expects more progress offshore Ireland and onshore UK ]]> http://www.proactiveinvestors.co.uk/companies/news/186402/europa-oil-gas-expects-more-progress-offshore-ireland-and-onshore-uk-186402.html Europa Oil & Gas Holdings Plc (LON:EOG) is expecting to see more progress with its Irish portfolio and is looking forward to drilling at the Holmwood project onshore UK.

Chief executive Hugh Mackay, in Europa’s final results statement, said that  2016/17 was a record year for Europa in terms activity seen across its licence base.

READ: Europa Oil & Gas now expects Holmwood drilling in 2018 as Surrey defers decision

He cited the successful farm-out of a 70% interest in the firm's South Porcupine licences to Cairn, two separate sales of the firm's interest in the Wressle oil field in the East Midlands, the acquisition of Shale Petroleum - which increased the firm's equity in the Hardstoft oil field and Cloughton gas discovery in the UK as well as the farm-out of a 12.5% stake in the upcoming Holmwood well in the Weald basin.

“In our view, this activity is testament to the quality of the technical work we have carried out on our licences, the excellent location of our assets both offshore Ireland and onshore UK, and the major uptick in industry interest and activity in new plays across our areas of focus.”

Financial results

In terms of financial results, the company reported revenue of £1.6mln, up from £1.3mln in the previous year, and it marked a pre-tax loss £0.7mln.

The company ended the twelve month with a cash balance of £3.76mln, compared to £1.7mln a year earlier.

Looking forward, the company is expecting to see another year of progress.

“We remain focused on securing farm-outs for the remainder of our Irish licences with partners with whom we can advance our assets towards drilling. 

“At the same time, we are looking forward to commencing drilling activity at the conventional Holmwood prospect in the Weald, an area that is generating considerable excitement following the opening up of the Kimmeridge limestone play.”

Mackay also highlighted that the company remains confident that Wressle project will finally be given the green light for production, to add another 100 barrels of oil per day to the group’s production. He said the Wressle approval would be “a major milestone” for the company.

“With so much activity on so many fronts in the months ahead, I look forward to providing further updates, as we continue with our strategy to monetise our asset base and generate value for our shareholders,” Mackay added.

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Mon, 30 Oct 2017 08:01:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/186402/europa-oil-gas-expects-more-progress-offshore-ireland-and-onshore-uk-186402.html
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Final Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201710300300PR_NEWS_UKDISCLO_0011/ Mon, 30 Oct 2017 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201710300300PR_NEWS_UKDISCLO_0011/ <![CDATA[News - Europa Oil & Gas now expects Holmwood drilling in 2018 as Surrey defers decision ]]> http://www.proactiveinvestors.co.uk/companies/news/185845/europa-oil-gas-now-expects-holmwood-drilling-in-2018-as-surrey-defers-decision-185845.html Europa Oil & Gas (Holdings) Plc (LON:EOG) anticipates that the start of drilling at the Holmwood well will be delayed into the first half of 2018 after Surrey County Council deferred its decision due to a traffic management scheme attached to the project.

The council has asked for additional information. Europa, which operates Holmwood, said it will consult with its joint venture partners and advisers in order to respond to the council’s request.

READ: UKOG shares rise as Surrey County Council green lights new Horse Hill programme

The county council, however, approved an application to install a security fence for Holmwood drill site.

Europa owns a 20% stake in the Holmwood project, which is targeting a conventional oil prospect but will also gather information on the Kimmeridge oil play in this area.

READ: US$1.2bn Corrib stake sale is “very exciting” news for Europa Oil & Gas - analyst

Earlier this week,  UK Oil and Gas Investments PLC (LON:UKOG) and partners secured planning approval from Surrey County Council for a new programme at the Horse Hill project - including one new well, one side-track and extended production testing.

UKOG owns a 30% stake in Holmwood alongside Europa, and the other partners include Edgdon Resources Plc (LON:EDR) with 18.4%, Angus Energy Plc (LON:ANGS) with 12.5%, Warwick Energy with 10%, Union Jack Oil PLC (LON:UJO) with 7.5% and Altwood Petroleum with 1.6%.

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Thu, 19 Oct 2017 07:22:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/185845/europa-oil-gas-now-expects-holmwood-drilling-in-2018-as-surrey-defers-decision-185845.html
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Update on Holmwood well, PEDL 143, Weald Basin ]]> http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201710190200PR_NEWS_UKDISCLO_0009/ Thu, 19 Oct 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201710190200PR_NEWS_UKDISCLO_0009/ <![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Wressle Oil Discovery Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201709261030PR_NEWS_UKDISCLO_0087/ Tue, 26 Sep 2017 15:30:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201709261030PR_NEWS_UKDISCLO_0087/ <![CDATA[RNS press release - Shareholder Newsletter ]]> http://www.proactiveinvestors.co.uk/companies/rns/3682/LSE20170918070006_13365396/ Mon, 18 Sep 2017 07:00:06 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3682/LSE20170918070006_13365396/ <![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Wressle Farm-In Agreement - Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201708210900PR_NEWS_UKDISCLO_0075/ Mon, 21 Aug 2017 14:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201708210900PR_NEWS_UKDISCLO_0075/ <![CDATA[RNS press release - Shareholder Newsletter ]]> http://www.proactiveinvestors.co.uk/companies/rns/3682/LSE20170801080001_13314524/ Tue, 01 Aug 2017 08:00:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3682/LSE20170801080001_13314524/ <![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/