Europa Oil & Gas (LON:EOG) is weighing up plans to sidetrack the Barchiz-1 discovery well in the spring.
The company has provided an operational update ahead of today’s AGM. Last week, Europa revealed that it had found oil in Romania with Barchiz-1. However the oil sample was contaminated and further analysis could not be carried out.
This morning, Europa revealed that it has re-run a drill stem test (DST) and the sample contained crude oil along with mud filtrate and formation water.
Consequently it believes that Barchiz-1 is located in the lower part of an oil column, next to an up-dip oil accumulation.
"The evidence from the Barchiz well suggests it was drilled on the edge of a Geam