Proactiveinvestors RSS feed en Wed, 17 Oct 2018 18:03:24 +0100 Genera CMS (Proactiveinvestors) (Proactiveinvestors) <![CDATA[News - Europa Oil & Gas looks forward to Irish well programme as soon as next year ]]> Europa Oil & Gas Holdings Plc (LON:EOG) is sufficiently encouraged by its progress offshore Ireland that is now actively preparing for a well programme, which could come as soon as next year.

The Ireland focussed explorer, in its final results statement, highlighted the potential within its catalogue of high impact offshore prospects in the Atlantic Margin, off the west coast – with the spotlight on the gas targets in the Inishkea area.

Some 2.54 trillion cubic feet of gas potential has been estimated across six prospects in the Inishkea area which is in the neighbourhood of the Corrib field, Ireland’s primary source of gas.

WATCH: Europa Oil & Gas sees immediate interest in South Porcupine

These prospects are somewhat de-risked by a past well, drilled in 2010 by Shell, which encountered an 80-metre gas column which Europa believes was only a portion of the reservoir.

The fact that Corrib is next door, naturally, creates an opportunity for new gas discoveries to be delivered to market faster than they might otherwise be.

For Europa, the plan is now to secure an exploration partner through a farm-out process which is presently underway.

Inishkea was identified as a priority area by Europa, but, it is just one of a number of project areas for which funding partners are sought via farm-out. The process is expected to get underway officially for Inishkea before the end of this year, once an updated prospect inventory has been completed in December.

Europa is presenting at a Proactive event in Dublin, sign up here

In all, the company has some 4.3bn barrels of prospective resources and several ‘drill-ready’ targets and numerous interested parties are engaged in the process.

“Our farmout process commenced in July 2018 and the target market of supermajors, majors and large independents are in the virtual and physical data rooms,” said Hugh Mackay, Europa Oil & Gas chief executive.

“We are looking to drill as early as 2019, subject to industry or financial partnering and we have been sufficiently encouraged by the positive results to commence both the well planning and site survey preparation necessary for a 2019 spud.

“With the Corrib gas field going into decline and Ireland’s demand for both gas and electricity forecast to increase in response to its vibrant economy we believe there is a window of opportunity for gas that we must seize at Inishkea.”

Financial results

In terms of financials, the exploration company reported £1.6mln of revenues from its small-scale production operation in the United Kingdom, and, had a £1.3mln write off against exploration assets.

It made a pre-tax loss of £2.3mln for the year, which post-tax amounted to £2.6mln.

Europa ended the twelve month period, with £1.8mln of net cash at the end of July.

United Kingdom operations

Production averaged 94 barrels oil equivalent per day from the company’s interests in the East Midlands. Europa ranked as the third largest UK onshore UK oil producer during the year.

Efforts to substantially increase output was frustrated in the councils and courts, as the pre-development Wressle project was stymied by the opposition. Two past planning applications failed to secure approval for the new oil field, though a new application was made and a verdict is anticipated later in 2018.

The Holmwood exploration venture, in the neighbourhood of the Horse Hill discovery, also ran into planning obstacles. A lease for a potential well site was denied renewal, leading to the subsequent withdrawal of a planning application.

Mackay added: “our existing UK onshore production continues to generate meaningful revenues which at current oil prices more than cover our operational expenses. 

“We are hopeful these are set for a major boost in the year ahead should the planning application to develop the Wressle oil discovery in the East Midlands be approved. 

“At an estimated gross rate of 500bopd, Wressle would more than double our net output to around 240 bopd which, at today’s oil prices, would provide us with a highly cash generative platform with which to invest in other projects. This could include new ventures which we are actively pursuing.”

Wed, 17 Oct 2018 07:56:00 +0100
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Final Results for the year to 31 July 2018 ]]> Wed, 17 Oct 2018 07:00:00 +0100 <![CDATA[Media files - Europa Oil & Gas still confident Holmwood will be drilled despite planning knock-back ]]> Tue, 04 Sep 2018 10:35:00 +0100 <![CDATA[News - Europa Oil & Gas's Holmwood venture frustrated as it is forced to withdraw planning application ]]> Europa Oil & Gas Holdings PLC (LON:EOG) has suffered a new disappointment in its efforts to test the Holmwood prospect, in Surrey, onshore UK.

The company, in a statement, told investors that the authorities have decided not to renew the lease for the proposed operations site at Bury Hill Wood, Coldharbour Lane. It said it was informed by the Head of Estates at the Forestry Commission, who relayed the decision made by the Minister for the Environment, Food and Rural Affairs.

READ: UKOG acquires Solo Oil’s Horse Hill stake

Accordingly, the company has now had to withdraw its planning application for the project.

Bury Hill was the planned location of the proposed Holmwood well, which, by targeting the Portland sandstone reservoir and also testing deeper Kimmeridge zones, would’ve effectively been a follow-on or ‘copy cat’ of the nearby Horse Hill discovery.

Europa is the operator at Holmwood, holding a 20% stake in the project. UK Oil & Gas Investments PLC (LON:UKOG) is the main London-listed stakeholder in Horse Hill, and, it also holds a substantial interest in Holmwood.

AIM-peers Egdon Resources PLC (LON:EDR), Angus Energy PLC (LON:ANGS) and Union Jack Oil PLC (LON:UJO) are also partners in the venture.

Europa’s disappointment comes as ongoing well testing operations at Horse Hill continue to encounter issues with environmental protesters at the gates of its operations site.

Incident at main gate at Horse Hill. This is why an injunction was sort via @YouTube @UKOGlistedonAIM

— David Lenigas (@DavidLenigas) September 3, 2018 UK High Court intervenes at Horse Hill

Yesterday, the UK High Court granted an interim injunction against ‘unlawful protest activity’ at UKOG’s operations sites, including the Horse Hill and Broadford Bridge projects.

It specifically prohibited protesters from entering and remaining on the sites, blocking the public highway (by ‘slow walking’), climbing on vehicles (‘lorry surfing’), obstructing the public highway, obstructing the site entrance and the intimidation and/or assault of UKOG staff, contractors and supply chain.

High Court judge John Male QC found that "there is a good reason to believe the Horse Hill site is under a real and imminent threat".

UKOG chief executive Stephen Sanderson said: “The judgement clearly rules that trespass on UKOG's sites, interference with access to UKOG sites, obstruction of the highway (including by slow-walking, lock-ons and lorry surfing), and obstructing or interfering with our suppliers, does not constitute peaceful protest.

“Such actions are deemed unlawful and should cease to be employed by activists forthwith.”

New sites to be reviewed for Holmwood well

In its statement on Tuesday, Europa noted that its government-issued licence to operate the PEDL 143 area, which hosts the Holmwood project, was recently extended to September 2020 and, said that it now intends to undertake a full evaluation of alternative sites from which to target the Holmwood prospect.

“The minister’s decision not to renew the lease at Bury Hill Wood is disappointing, however, we intend to continue to work closely with our partners to determine how best to take the licence forward. 

“As well as PEDL143, Europa holds a multistage portfolio of licences which includes production and appraisal projects onshore UK and an industry leading licence position in the Irish Atlantic Margin.

“Various work streams are underway across our asset base to advance all our licences and in the process expose our shareholders to high impact drilling activity. With this in mind, I look forward to providing further updates on our progress.”

Tue, 04 Sep 2018 07:32:00 +0100
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Update on Holmwood Prospect, Surrey ]]> Tue, 04 Sep 2018 07:00:00 +0100 <![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Correction: Update on Wressle, North Lincolnshire ]]> Thu, 02 Aug 2018 07:30:00 +0100 <![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Update on Wressle, North Lincolnshire ]]> Wed, 01 Aug 2018 16:31:00 +0100 <![CDATA[News - Europa Oil & Gas updates on planning process for Holmwood project ]]> Europa Oil & Gas Holdings Plc (LON:EOG) has updated on the planning process for the Holmwood project, as it submits an application to make new variations to its proposals.

For the proposed exploration well site, the company is now seeking to extend the temporary period of the permission for the well site by a further 3 years.

It also wants to remove the requirement for the scheme to include an identified HGV holding area, and, has applied for two other associated planning applications - related to the underground drilling corridor and for a temporary security fence.

READ: David Lenigas upbeat as Horse Hill oil discovery returns to the spotlight

The project neighbours the closely monitored Horse Hill project, also known as the ‘Gatwick Gusher’, where an extended well testing programme is understood to have gotten off to a positive start.

Like Horse Hill, it is anticipated that Holmwood could test both a shallower conventional oil reservoir in addition to a deeper Kimmeridge hybrid oil play.

Europa also confirmed that UK regulator the Oil and Gas Authority had now extended the initial term of the current licence out until the end of September 2020.

Additionally, it notes the approval of certain environmental permits for the project.

Europa is the project operator and it holds a 20% in the venture, alongside UK Oil & Gas Investments PLC (LON:UKOG) with 40%, Egdon Resources Plc (LON:EDR) holds 18.4%, Angus Energy Plc (LON:ANGS) has 12.5%, Union Jack Oil PLC (LON:UJO) owns 7.5% and Altwood Petroleum is the small stakeholder with a 1.6% interest.

Thanks to farm-out deals, Europa is ‘fully carried’ for its share of the exploration well costs – up to a maximum of £3.2mln.

Tue, 24 Jul 2018 07:38:00 +0100
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Planning Update for Holmwood Well in the Weald Basin ]]> Tue, 24 Jul 2018 07:00:00 +0100 <![CDATA[Media files - Europa Oil & Gas sees immediate interest in South Porcupine farmout ]]> Fri, 13 Jul 2018 11:35:00 +0100 <![CDATA[News - Europa Oil & Gas bolsters exploration inventory as it steps up farm-out efforts ]]> As Europa Oil & Gas Holdings Plc (LON:EOG) today officially kicks off a data room for its farm-out efforts, the AIM-quoted explorer has added another big potential exploration programme offshore Ireland.

The prospect, called Egerton, is described as being analogous to the Bay du Nord discovery, off the Canadian coast - in a similar geological setting, in the ‘conjugate’ on the other side of the Atlantic.

READ: Europa Oil & Gas shares rise as firm reveals major resource upgrade

Additionally, the frontier exploration licence (FEL 1/17) hosting Egerton also contains the Ervine prospect. Together, the FEL 1/17 licences are now estimated to contain some 584mln barrels of oil equivalent.

It comes as a result of the reprocessing of proprietary 3D seismic data.

Hugh Mackay, Europa chief executive, told investors that the reprocessing exercise had “transformed the prospect inventory”.

“Prospect volumes have changed, but more importantly the accuracy of our maps and our confidence in them, has substantially increased,” Mackay said.

“Our prospects are tightened up and de-risked. We now have firm drilling targets with clearly positive economics on each licence.”

Drill ready, subject to farm-out

Europa also highlighted that a separate licence, FEL 2/13, host three prospects – Kiely East, Kiely West and Kilroy – which are seen to have 817mln boe of prospective resources.

The company’s prospect inventory comprises three ‘drill ready’ opportunities (namely Kiely East, Wilde and Edgeworth).

Mackay added: “We promised half a dozen drillable prospects by the end of 2018, now we have four, three here in the Porcupine and one in the Slyne.

“Subject to regulatory approval we will be able to proceed to FEL Phase 2 on each licence with confidence, and we now believe we have the data to convince substantive farminees of the compelling case to take these four licences forward towards drilling with the first well targeted for mid-2019 on the Inishkea prospects in the Slyne licence LO 16/20, subject to funding.”

Thu, 12 Jul 2018 07:24:00 +0100
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - New Irish Prospect Inventory and Farmout Launch ]]> Thu, 12 Jul 2018 07:00:00 +0100 <![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Update on Wressle, North Lincolnshire ]]> Thu, 05 Jul 2018 14:43:00 +0100 <![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Director/PDMR Shareholding ]]> Fri, 15 Jun 2018 11:00:00 +0100 <![CDATA[Media files - Europa Oil & Gas sees near doubling in resources for South Porcupine Basin licence ]]> Tue, 05 Jun 2018 08:56:00 +0100 <![CDATA[News - Europa Oil & Gas shares rise as firm reveals major resource upgrade for Irish exploration venture ]]> 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 --

Tue, 05 Jun 2018 08:00:00 +0100
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - 93% Increase in Prospective Resources Atlantic Ireland ]]> Tue, 05 Jun 2018 07:00:00 +0100 <![CDATA[Media files - Europa Oil & Gas shifts focus to Inishkea gas prospects ]]> Thu, 24 May 2018 11:07:00 +0100 <![CDATA[News - Europa Oil & Gas lets go of acreage as it narrows focus on Inishkea prospects ]]> 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.”

Thu, 24 May 2018 07:20:00 +0100
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Update on offshore Ireland portfolio ]]> Thu, 24 May 2018 07:00:00 +0100 <![CDATA[News - Europa Oil & Gas in the spotlight as Inishkea is promoted to ‘flagship’ project ]]> 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.

Mon, 09 Apr 2018 16:00:00 +0100
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Holding(s) in Company ]]> Wed, 04 Apr 2018 17:18:00 +0100 <![CDATA[News - Europa Oil & Gas looking to add third opportunity as Irish gas projects are being fast-tracked ]]> 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.

Wed, 04 Apr 2018 07:38:00 +0100
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Interim Results ]]> Wed, 04 Apr 2018 07:00:00 +0100 <![CDATA[Media files - Europa Oil And Gas looks to fast-track 'flagship' Inishkea prospects ]]> Wed, 14 Mar 2018 10:23:00 +0000 <![CDATA[News - Europa Oil & Gas to focus on Inishkea prospects close to Corrib gas field ]]> 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.”

Wed, 14 Mar 2018 08:13:00 +0000
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Shareholder Newsletter & LO 16/20 Inishkea update ]]> Wed, 14 Mar 2018 07:00:00 +0000 <![CDATA[Media files - Europa Oil & Gas welcomes support for Holmwood from Environment Agency ]]> Mon, 19 Feb 2018 15:44:00 +0000 <![CDATA[News - Europa-operated Holmwood exploration project gets support from Environment Agency ]]> 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).

Mon, 19 Feb 2018 07:13:00 +0000
<![CDATA[RNS press release - EA minded to award permit for Holmwood ]]> Mon, 19 Feb 2018 07:00:05 +0000 <![CDATA[Media files - Europa Oil & Gas hires industry heavyweights as new chairman and non-exec director ]]> Thu, 25 Jan 2018 08:26:00 +0000 <![CDATA[News - Europa Oil & Gas Holdings appoints Simon Oddie as new chairman ]]> 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.”

Thu, 25 Jan 2018 07:23:00 +0000
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Board Changes ]]> Thu, 25 Jan 2018 07:00:00 +0000 <![CDATA[Media files - Europa Oil & Gas welcomes new planning application for Wressle ]]> Thu, 18 Jan 2018 10:44:00 +0000 <![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Correction: Update on Wressle, North Lincolnshire ]]> Thu, 18 Jan 2018 10:00:00 +0000 <![CDATA[News - Europa and Union Jack Oil boosted by Egdon’s decision to make new planning application for Wressle oil project ]]> 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.”

Thu, 18 Jan 2018 07:28:00 +0000
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Update on Wressle, North Lincolnshire ]]> Thu, 18 Jan 2018 07:00:00 +0000 <![CDATA[News - Future of Wressle oil project remains in doubt after latest planning decision ]]> 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.

Fri, 05 Jan 2018 07:33:00 +0000
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Wressle Development Planning Appeals Rejected ]]> Fri, 05 Jan 2018 07:00:00 +0000 <![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Result of AGM ]]> Thu, 14 Dec 2017 16:03:00 +0000 <![CDATA[RNS press release - Shareholder Newsletter ]]> Thu, 14 Dec 2017 11:00:01 +0000 <![CDATA[News - Europa Oil & Gas celebrates ‘record year’ for corporate activity ]]> 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.”

Thu, 14 Dec 2017 07:18:00 +0000
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - AGM Statement ]]> Thu, 14 Dec 2017 07:00:00 +0000 <![CDATA[Media files - Europa Oil & Gas reckons there's 2.5 TCF potential in Slyne basin ]]> Wed, 13 Dec 2017 09:07:00 +0000 <![CDATA[News - Europa Oil & Gas sees potential for major new discoveries near Ireland’s Corrib gas field ]]> 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 --

Wed, 13 Dec 2017 07:29:00 +0000
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Technical Update on LO16/20 Offshore Ireland ]]> Wed, 13 Dec 2017 07:00:00 +0000 <![CDATA[News - Europa Oil & Gas exits offshore UK project in deal with Egdon Resources ]]> 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."

Mon, 04 Dec 2017 07:33:00 +0000
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - P2034 Offshore Licence Sale ]]> Mon, 04 Dec 2017 07:00:00 +0000 <![CDATA[News - Europa Oil & Gas Holdings takes two-track approach for Holmwood planning ]]> 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%.

Tue, 21 Nov 2017 07:30:00 +0000
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Update on Holmwood Well, PEDL 143, Weald Basin ]]> Tue, 21 Nov 2017 07:00:00 +0000