http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Fri, 15 Dec 2017 21:43:54 +0000 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 - 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/ <![CDATA[News - Wressle partners look to Appeal Court as council rejects new development application ]]> http://www.proactiveinvestors.co.uk/companies/news/180241/wressle-partners-look-to-appeal-court-as-council-rejects-new-development-application-180241.html Egdon Resources Plc (LON:EDR) and its partners vowed to press ahead with an appeal as North Lincolnshire County Council again rejected the application to develop the onshore Wressle field.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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[News - Europa Oil & Gas outlines four more significant exploration prospects offshore Ireland ]]> http://www.proactiveinvestors.co.uk/companies/news/176977/europa-oil-gas-outlines-four-more-significant-exploration-prospects-offshore-ireland-176977.html Europa Oil & Gas (Holdings) Plc (LON:EOG) has identified a further four new exploration prospects in Ireland’s Atlantic exploration frontier.

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

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

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

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

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

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

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

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

Talks continue with potential new partners

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

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

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

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

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

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

 

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

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

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

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

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

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

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

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

Europa has previously identified the potential for several Cretaceous submarine fans

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Egdon says the case for appeal is "very strong"

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

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

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

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

 

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

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

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

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

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

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

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

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

Farm-out focus …

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

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

WATCH: Europa boss hails farm-out deal …

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

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

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

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

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

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

Bit of a Wressle …

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

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

READ: Europa extends Wressle Upland deadline ...

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

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

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

Losses narrow …

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

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

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

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

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

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

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

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

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

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

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

UK potential …

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

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

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

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

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

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

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

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

 -- Adds share price, broker comment --

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Tue, 21 Feb 2017 14:23:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/173472/europa-oil-gas-extends-deadline-for-wressle-deal-with-upland-resources