www.europaoil.com
Europa Oil & Gas is an active oil and gas explorer throughout the European region. It holds core producing oil assets in the UK, along with a wide range of exploration and appraisal projects in various stages of development in the UK, Romania, France and Western Sahara.
The Company currently produces oil from three UK onshore oilfields, with ongoing appraisal work in Romania. The Company also holds a key gas appraisal asset in southwest France. Exploration for both conventional and unconventional hydrocarbons is an integral part of the portfolio and the Company continues to pursue this upside potential in all areas.
Europa Oil & Gas welcomes Aurelian update on Romanian operations
Europa Oil & Gas Holdings (LON:EOG) greeted today’s operational update by Aurelian Oil & Gas (LON:AUL) which covered the Romanian operations they are cooperating on.
The Romanian projects are being explored in partnership with Aurelian and the country’s state-owned natural gas producer, Romgaz. The proportionate interests in the prospects vary from block to block.
On the Brodina concession Aurelian has upped the - high-case - GIIP (Gas Initially In Place) assessment from 400 billion cubic feet to 415Bcf. The assessment follows newly reprocessed seismic data, the incorporation of the Voitinel-1 test results and a review of results from Romgaz's adjacent concession.
Furthermore, the company has identified a new prospect to the west of the Voitinel well, which indicates potential GIIP upside. The prospect was identified with the recently acquired 60km 2D data, as well as information from Romgaz's Paltinu-102/103 wells.
Additional leads have also been identified on the Bacau and Cuejdiu concessions, following 200km of 2D seismic.
At Bacau, the overthrust area of the block was surveyed for the first time. Aurelian confirmed that it has identified additional leads, and the survey will have been interpreted by the end of October 2010.
Early interpretation of the Cuejdiu 2D survey identified three leads, for 50-100 mmbbls gross.
Aurelian said it is “very encouraged” with the early indications, although more work is required to further define these leads into drillable prospects.
In addition to the details provided by Aurelian today, Europe said it has been informed by the Operator, MND, that the Barchiz-1 exploration well, situated in the Brates Block, where Europa holds 20 percent, is anticipated to spud in late September.
This prospect is situated close to and along trend with the Moinesti oilfields and will be the first thrust belt play well drilled in this part of the basin based on modern seismic data. It has potential for up to 30 mmbo reserves and if successful is one of several similar leads on the Brates licence that trend up towards the newly identified leads on the Cuejdiu Licence.
Europe managing director Paul Barrett commented “It is very encouraging that the 2010 seismic data is already capable of identifying structural leads even at the early processing stages. It bodes well for the oil play exploration programme in this underexplored part of the 5 billion barrel fairway.”
