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Europa Oil says UK onshore activity rising

Activity is picking up onshore UK, said Hugh Mackay, the oil and gas group’s chief executive.
picture of onshore oil installation
UK activity picking up says Europa

Europa OiI and Gas PLC (LON:EOG) has given a bullish update on prospects to shareholders at its annual meeting.

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

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

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

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

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

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

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

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

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