Proactiveinvestors United Kingdom Europa Oil & Gas (Holdings) Plc https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Europa Oil & Gas (Holdings) Plc RSS feed en Mon, 22 Apr 2019 11:11:08 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Europa Oil & Gas deals out of Holmwood project ]]> https://www.proactiveinvestors.co.uk/companies/news/218648/europa-oil--gas-deals-out-of-holmwood-project-218648.html Europa Oil & Gas Holdings PLC (LON:EOG) has agreed to sell its 20% stake in the Holmwood project to UK Oil & Gas PLC (LON:UKOG) for £300,000 in cash.

UKOG is separately also purchasing Union Jack Oil PLC’s (LON:UJO) 7.5% in the asset for £112,500.

It will mean that UKOG, in aggregate, has consolidated its stake in Holmwood to up to 67.5%. As a result, the company has secured control of the project, which neighbours its flagship Horse Hill discovery, now on the road to development and permanent production.

For Europa and Union Jack, it sees the companies exit a project that had stalled in the planning permission process and, consequently, remains uncertain.

WATCH: Europa Oil & Gas nearing news on Irish farm-outs and new Morocco project

“The sale of our remaining interest in PEDL143 demonstrates how we actively manage our portfolio of licences on a risk / reward basis,” said Hugh Mackay, Europa chief executive.

He added: “We continue to look to maximise production from our UK onshore assets including our three producing fields and the Wressle discovery in the East Midlands. 

“Finally, we are closing in on adding a new exploration project to our portfolio, a high impact, new venture in Morocco which, in terms of size and company-making potential, is on a similar scale to our Irish licences.”

Irish farm out deal pending

Offshore Ireland, the company is awaiting confirmation of an important decision from a potential new partner, which would pay for high impact exploration wells.

It revealed in a statement earlier this month that it is in talks with a major international oil company over a potential farm-out - of interests in the LO 16/20 (which hosts the Inishkea gas prospects), FEL 1/17 (includes the Edgeworth prospect) and FEL 3/13 (Beckett, Shaw and Wilde) exploration areas.

Europa described itself as confident that a deal can be concluded in the coming months. It is anticipated that such a deal would see Europa’s costs fully carried on a well for each area, and the company would retain a “material” interest in the assets too.

The company now awaits a decision to be made at the potential partner’s head office.

Today, Mackay highlighted that the Holmwood funds would be directed towards Ireland.

“We will deploy corporate resources and capital elsewhere in our portfolio, mainly in monetising our industry-leading licence position offshore Ireland,” he noted.

“Here gross prospective resources of up to 6.4 billion barrels of oil and 1.5 tcf of gas at our flagship Inishkea project have been identified, while farm-in negotiations are ongoing with a major international oil and gas company with a view to drilling up to three high impact wells from 2020 onwards.”

Chinese drilling offshore Ireland

In the coming months, third-party drilling activity could provide value-adding catalysts for Europa and other Irish explorers. Specifically, China’s CNOOC is due to drill a well to test the Iolar prospect.

Exploration success in the South Porcupine basin would be significant for all companies with interests in Ireland’s Atlantic frontier, while for Europa it would especially benefit the Kiely East (estimated at 280mln barrels) and the Edgeworth (225mln barrel) targets.

Such prospects would be “significantly de-risked” by success at Iolar, Europa chief executive Hugh Mackay highlighted in Friday’s interim results statement. Both Kiely East and the Edgeworth are rated as ‘drill-ready’ prospects and are part of Europa’s package of explorations assets that are available to farm-out partners.

Internally, meanwhile, the Inishkea gas prospects are now deemed to be the priority. These exploration targets are located in the vicinity of the Corrib field, Ireland’s largest field and the country’s primary source of gas.

The Inishkea portfolio will be the subject of site survey, along with Kiely East and Edgeworth, this summer. This work will be a precursor to future drilling decisions.

]]>
Tue, 16 Apr 2019 07:36:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218648/europa-oil--gas-deals-out-of-holmwood-project-218648.html
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Sale of interest in PEDL143, Weald Basin ]]> https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201904160200PR_NEWS_UKDISCLO_0008/ Tue, 16 Apr 2019 07:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201904160200PR_NEWS_UKDISCLO_0008/ <![CDATA[Media files - Europa Oil & Gas nearing news on Irish farm-outs and new Morocco project ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12980/europa-oil--gas-nearing-news-on-irish-farm-outs-and-new-morocco-project-12980.html Fri, 12 Apr 2019 13:14:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/12980/europa-oil--gas-nearing-news-on-irish-farm-outs-and-new-morocco-project-12980.html <![CDATA[News - Europa Oil & Gas looks to CNOOC well catalysts as its Irish farm-out progresses ]]> https://www.proactiveinvestors.co.uk/companies/news/218475/europa-oil--gas-looks-to-cnooc-well-catalysts-as-its-irish-farm-out-progresses-218475.html Europa Oil & Gas Holdings plc (LON:EOG) is looking forward to a potential third-party exploration catalyst offshore Ireland, with China’s CNOOC due to drill a well to test the Iolar prospect.

Exploration success in the South Porcupine basin would be significant for all companies with interests in Ireland’s Atlantic frontier, while for Europa it would specifically benefit the Kiely East (estimated at 280mln barrels) and the Edgeworth (225mln barrel) targets.

Such prospects would be “significantly de-risked” by success at Iolar, Europa chief executive Hugh Mackay highlighted in Friday’s interim results statement.

WATCH: Europa Oil & Gas nearing news on Irish farm-outs and new Morocco project

Both Kiely East and the Edgeworth are rated as ‘drill-ready’ prospects and are part of Europa’s package of explorations assets that are available to farm-out partners.

Internally, meanwhile, the Inishkea gas prospects are now deemed to be the priority. These exploration targets are located in the vicinity of the Corrib field, Ireland’s largest field and the country’s primary source of gas.

The Inishkea portfolio will be the subject of site survey, along with Kiely East and Edgeworth, this summer. This work will be a precursor to future drilling decisions.

Europa confirmed that it is presently in talks with a major international oil company over a potential farm-out - of interests in the LO 16/20 (which hosts Inishkea), FEL 1/17 (Edgeworth) and FEL 3/13 (Beckett, Shaw and Wilde) exploration areas - and it described itself as confident that a deal can be concluded in the coming months.

It is anticipated that such a deal would see Europa’s costs fully carried on a well for each area, and the company would retain a “material” interest in the assets too.

The junior explorer noted that it is presently waiting for an investment decision to be made by the potential partner’s head office.

Highly active period

“The last six months have been a highly active period for Europa, not just in terms of the progress we are making to advance our industry-leading licence position offshore Ireland, which to date has estimated gross prospective resources of 6.4 billion barrels of oil and 1.5 tcf of gas and where negotiations are ongoing for a farm-in for three licences with a major international oil and gas company,” Mackay said in the results.

“In addition, we completed a £4.3mlin fundraising, which increased the institutional representation on our shareholder register to over one third."

Elsewhere, the company is looking to Morocco for new opportunities. It is presently in the final stages of discussions with ONHYM, the National Office of Hydrocarbons and Mines, to secure a petroleum agreement.

In the UK, meanwhile, the company completed workover operations at the West Firsby field, in order to manage the natural decline of production. West Firsby contributes 6 of the 90 barrels of oil equivalent currently produced within Europa’s onshore UK business.

Efforts to expand the UK business were frustrated in local government planning, with the Wressle field development continuing to stall and the Holmwood project also held up in the planning permission process. For the latter, Europa recently transferred operatorship to partner UK Oil & Gas PLC (LON:UKOG) which has enjoyed success nearby with the Horse Hill project.

In terms of financial results, Europa reported £900,000 of revenue for the six months ended 31 January and posted a £400,000 pre-tax loss. It ended the period with £4.4mln of cash.

Significant progress made

In a note to clients, analysts at SPAngel commented: “We believe EOG has made significant progress, and the coming 18 months will be a period of transformation. As with so many of the other participants in the Wressle development, such as Union Jack Oil, it's commissioning is keenly anticipated and will be the vindication of each of the respective companies focus on its development.”

They added: “We believe that shareholders should be pleased with the position that the Company is in and the way in which management is approaching its risk mitigation strategy.”

In late afternoon trading, Europa O&G shares were changing hands at 2.80p each, down 5% on Thursday’s close.

 -- Adds analyst comment, share price --

]]>
Fri, 12 Apr 2019 07:41:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218475/europa-oil--gas-looks-to-cnooc-well-catalysts-as-its-irish-farm-out-progresses-218475.html
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Interim Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201904120200PR_NEWS_UKDISCLO_0003/ Fri, 12 Apr 2019 07:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201904120200PR_NEWS_UKDISCLO_0003/ <![CDATA[News - Europa Oil & Gas hands over operatorship of Holmwood to UKOG ]]> https://www.proactiveinvestors.co.uk/companies/news/216452/europa-oil--gas-hands-over-operatorship-of-holmwood-to-ukog-216452.html Europa Oil & Gas Holdings plc (LON:EOG) has announced that it will hand over operational control of the Holmwood project to partner, UK Oil & Gas plc (LON:UKOG).

The explorer highlighted that the decision is based on its focus on its portfolio of exploration licences in Atlantic Ireland and its pursuit of new opportunities across the Atlantic seaboard in North Africa and North West Europe.

UKOG holds a 40% interest in the project and the broader PEDL 143 Licence. Europa said that its partner’s direct experience in the successful  Horse Hill project will help inform a forward plan for the licence.

FinnCap analyst Jonathan Wright, in a note, said: “This makes sense given UKOG has specific experience in the Weald basin that positions it well to take the work programme forward.

READ: Europa highlights Inishkea potential as farm-out efforts continue

“It also frees up [Europa’s] management time to focus on its Irish acreage farm-outs, UK producing assets and new venture opportunities.”

Wright also noted that FinnCap presently doesn’t ascribe anything to Holmwood in its valuation of Europa following the withdrawal of a planning application for a well last year, though he said the broker previously attached a 2.5p per share value to Europa’s stake in the project.

“With a new, regionally focused operator, Holmwood may yet make a comeback,” the analyst added.

Europa last month brightened the spotlight on its Inishkea exploration targets in the Slyne Basin, offshore Ireland.

The Inishkea gas targets, located in the vicinity of the Corrib gas field, are the company’s primary focus, and the new inventory confirms some 1.5 trillion cubic feet in prospective resources.

A site survey is planned for this year which makes 2020 drilling possible, subject to funding and regulatory approval.

Inishkea is one of three exploration projects that are currently the subject of farm-out processes, to bring in new partners. Talks are ongoing with a major oil and gas company, Europa said.

]]>
Thu, 14 Mar 2019 08:09:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216452/europa-oil--gas-hands-over-operatorship-of-holmwood-to-ukog-216452.html
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Transfer of Operatorship of PEDL143 Licence ]]> https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201903140300PR_NEWS_UKDISCLO_0004/ Thu, 14 Mar 2019 07:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201903140300PR_NEWS_UKDISCLO_0004/ <![CDATA[Media files - Europa Oil & Gas highlights Inishkea potential as farm-outs continue ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12372/europa-oil--gas-highlights-inishkea-potential-as-farm-outs-continue-12372.html Wed, 27 Feb 2019 10:37:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12372/europa-oil--gas-highlights-inishkea-potential-as-farm-outs-continue-12372.html <![CDATA[News - Europa Oil & Gas highlights Inishkea potential as farm-out efforts continue ]]> https://www.proactiveinvestors.co.uk/companies/news/215293/europa-oil--gas-highlights-inishkea-potential-as-farm-out-efforts-continue-215293.html Europa Oil & Gas Holdings plc (LON:EOG) has highlighted a new prospect inventory for its priority exploration area in the Slyne Basin, off Ireland’s west coast.

The Inishkea gas targets remain the company’s primary focus, and the new inventory confirms some 1.5 trillion cubic feet in prospective resources. It also detailed that the prospects have a 1-in-3 chance of success. A site survey is planned for this year which makes 2020 drilling possible, subject to funding and regulatory approval.

Inishkea is one of three exploration projects that are currently the subject of farm-out processes, to bring in new partners. Talks are ongoing with a major oil and gas company, Europa said.

“Since opening the farmout dataroom in December 2018 we have had several large oil companies review the prospect and we are updating them with this new information,” said Hugh Mackay, Europa chief executive.

“Separately, our ongoing farm-in negotiations with a major international oil and gas company for three of our licences, FEL 1/17, FEL 3/13, and LO 16/20 which holds Inishkea are progressing.

“Subject to successful completion, Europa will have a clear line of sight to the drilling of a series of wells offshore Ireland, each of which has company-making potential.”

Inishkea is of particular interest because of its proximity to the Corrib field, Ireland’s main domestic source of gas, which would allow any discovery to be advanced to production relatively rapidly.

Mackay added: “Our very detailed and thorough technical work confirms Inishkea to be a large, robust, low risk, gas prospect. The early promise we identified has been validated and the prospect has now been de-risked significantly.

“Inishkea’s location in a proven play and close proximity to the nearby Corrib gas field and facilities informed our decision to elevate the prospect to flagship status.

“With 1.5 TCF of gross mean un-risked prospective gas resources and a 33% chance of success, the prospect has exceeded our expectations.”

]]>
Tue, 26 Feb 2019 08:02:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215293/europa-oil--gas-highlights-inishkea-potential-as-farm-out-efforts-continue-215293.html
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - New Prospect Inventory for LO 16/20, Offshore Ireland ]]> https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201902260200PR_NEWS_UKDISCLO_0003/ Tue, 26 Feb 2019 07:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201902260200PR_NEWS_UKDISCLO_0003/ <![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Wressle Planning Appeal ]]> https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201902050200PR_NEWS_UKDISCLO_0002/ Tue, 05 Feb 2019 07:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201902050200PR_NEWS_UKDISCLO_0002/ <![CDATA[Media files - Europa O&G's Hugh Mackay on Wressle progress and 2019 work programme ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12017/europa-og-s-hugh-mackay-on-wressle-progress-and-2019-work-programme-12017.html Tue, 29 Jan 2019 13:03:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12017/europa-og-s-hugh-mackay-on-wressle-progress-and-2019-work-programme-12017.html <![CDATA[News - Europa Oil & Gas lands one-year extension to existing Wressle approval ]]> https://www.proactiveinvestors.co.uk/companies/news/213319/europa-oil--gas-lands-one-year-extension-to-existing-wressle-approval-213319.html Europa Oil & Gas Holdings plc (LON:EOG) told investors that the Wressle project has been granted a one year extension to its existing planning approvals.

The award extends access to the project until 24 January 2020.

It means that Europa and its partners have sufficient time to reach a determination in its appeal against planning refusals for the proposed oil field development at Wressle.

READ: Europa Oil & Gas highlights Irish partnering progress

Previously an application to extend existing approvals was denied by North Lincolnshire Council’s Planning Committee though it had been recommended by the same council’s planning officer. The extension was granted by the UK planning inspector, on appeal.

The planning inspector will also rule on the appeal for the field development application.

“Recommended for approval by the council’s planning officer and supported by an expert third party review undertaken on behalf of the council, we are confident the new proposals for Wressle comprehensively address the reasons highlighted by the planning Inspector in the original appeals in January 2018,” said Hugh Mackay, Europa chief executive.

Wressle would double Europa’s production volumes onshore UK, if it receives the greenlight and the development advances.

Mackay highlighted: “we are keen for the Wressle Field to be brought into production at an initial gross rate of 500 bopd or 150 bopd net to Europa.

“At this rate, Europa’s net production would more than double to over 200bopd, generating material cash flows for the company which, in turn, can be reinvested into advancing our portfolio of high impact licences offshore Ireland and late stage appraisal projects onshore UK.”

]]>
Fri, 25 Jan 2019 07:24:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213319/europa-oil--gas-lands-one-year-extension-to-existing-wressle-approval-213319.html
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Existing Planning Consent for Wressle Extended ]]> https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201901250200PR_NEWS_UKDISCLO_0004/ Fri, 25 Jan 2019 07:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201901250200PR_NEWS_UKDISCLO_0004/ <![CDATA[News - Europa Oil & Gas highlights Irish partnering progress ]]> https://www.proactiveinvestors.co.uk/companies/news/212484/europa-oil--gas-highlights-irish-partnering-progress-212484.html Europa Oil & Gas Holdings plc (LON:EOG) today issued an open letter to shareholders in which the explorer detailed a number of upcoming potential catalysts for its offshore Ireland projects.

Following on from a December shareholder meeting, at which a £4.3mln funding was approved, the oil and gas explorer highlighted that the proceeds will enable an exciting programme during 2019 and 2020.

Funds could be further boosted by new partnerships for Europa’s offshore Ireland projects.

In this regard, the Inishkea gas exploration prospects are seen as a priority by Europa and it launched a virtual data room process in late December and it will shortly be supported by an actual data room as the farm-out process continues.

READ: Europa Oil & Gas set for catalysts in Ireland and Morocco

Inishkea was prioritised, partially, because of its proximity to the producing Corrib gas field and Europa’s belief that it has “tcf-scale” potential within ten kilometres from the operating gas infrastructure.

Europa is concurrently negotiating farm-in agreements with a major international oil and gas company (for the LO 16/20, FEL 1/17 and FEL 3/13 oil exploration areas)  – and, today, it highlighted that has agreed on terms with the potential partner’s  NW Europe division and it awaits a final investment decision from head office.

In terms of operations, Europa said it has started preparing for up to three site survey in the Atlantic, offshore Ireland, which would take place in the summer months. It added that it is engaged with the Irish authorities for the proposed programmes.

It anticipates that the successful conclusion of the survey programmes would set up drilling from 2020 and onwards, subject to project funding.

Europa also highlighted that third-party projects offshore Ireland may in 2019 increase the spotlight on the emerging exploration frontier and potentially de-risk prospects across the region.

Specifically, it noted that China owned Nexen-CNOOC and ExxonMobil will in partnership drill a well this summer to test the Iolar prospect.

According to Europa, success at Iolar would potentially de-risk some 1bn barrels of prospectivity across five prospects in its portfolio. Significantly, it added that it has two prospects (Kiely East and Edgeworth) which could be candidates for immediate follow up drilling if Iolar is a success.

Onshore UK

In regards to onshore UK, the company noted that: “the key task is to get planning permission for Wressle and to get this important conventional oil discovery through the appeals process and into production.”

Progress on Wressle has been stifled by the UK planning authorities.

Both the timelines and ultimate future remains uncertain, nonetheless, Europa highlighted that with an initial project start-up pitched at 500 barrels of oil per day, Wressle would potentially see its production increase to over 200 bopd.

It added that such a production rate would generate significant cash flows to the company.

Morocco

Europa also provided some commentary around its potential ‘new venture’ onshore Morocco where it is presently working with the authorities over a petroleum agreement.

It explained that it is in final stage discussions with ONHYM, Morocco’s national oil firm and regulator, and a meeting is anticipated shortly in Rabat.

The company expects to make a further announcement following a licence award, expected later in the first quarter.

]]>
Mon, 14 Jan 2019 08:41:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/212484/europa-oil--gas-highlights-irish-partnering-progress-212484.html
<![CDATA[RNS press release - Shareholder Letter ]]> https://www.proactiveinvestors.co.uk/companies/rns/3682/LSE20190114070006_13932802/ Mon, 14 Jan 2019 07:00:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3682/LSE20190114070006_13932802/ <![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201812110518PR_NEWS_UKDISCLO_0040/ Tue, 11 Dec 2018 10:18:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201812110518PR_NEWS_UKDISCLO_0040/ <![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201812101120PR_NEWS_UKDISCLO_0088/ Mon, 10 Dec 2018 16:20:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201812101120PR_NEWS_UKDISCLO_0088/ <![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201812101115PR_NEWS_UKDISCLO_0087/ Mon, 10 Dec 2018 16:15:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201812101115PR_NEWS_UKDISCLO_0087/ <![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Total Voting Rights & Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201812070900PR_NEWS_UKDISCLO_0084/ Fri, 07 Dec 2018 14:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201812070900PR_NEWS_UKDISCLO_0084/ <![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Result of Open Offer ]]> https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201812070200PR_NEWS_UKDISCLO_0006/ Fri, 07 Dec 2018 07:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201812070200PR_NEWS_UKDISCLO_0006/ <![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201812050200PR_NEWS_UKDISCLO_0003/ Wed, 05 Dec 2018 07:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201812050200PR_NEWS_UKDISCLO_0003/ <![CDATA[News - Europa Oil & Gas set for catalysts in Ireland and Morocco ]]> https://www.proactiveinvestors.co.uk/companies/news/210498/europa-oil-gas-set-for-catalysts-in-ireland-and-morocco-210498.html It probably shouldn’t come as much of a surprise that Europa Oil & Gas Holdings PLC’s (LON:EOG) management has mixed feelings as 2018 draws to a close.

Undoubtedly, it was a good year for the group’s Irish exploration projects, which are easily the most exciting part of the portfolio, but in England, the group’s efforts to establish new productive and cash generative operations were stymied in local planning disputes.

READ: Europa Oil & Gas raises £4mln for offshore Ireland and new Morocco venture

At the proven but undeveloped Wressle field, in Lincolnshire, there is - on paper - the opportunity to double group production to above 200 bopd, meanwhile, the Holmwood exploration venture in the South East has promise as a possible ‘lookalike’ of the breakthrough Horse Hill discovery (where testing shows aggregate oil flows above 1,000 bopd).

Both projects stalled in the planning process this past year, and, neither can go ahead at present.

It is perhaps obvious, then, that focus is on Ireland and also a possible new venture in North Africa.

Ireland is the priority ahead of 2019 well programme

In Ireland, Europa racked up project milestones during 2018 for its ‘pre-drill’ offshore projects.

Desktop studies and analysis of technical data have helped de-risk the group’s catalogue of exploration prospects, leading the company to estimate the resource potential at some 5.7bn barrels of oil and 2.5trn cubic feet.

Significantly, Europa prioritised the Inishkea gas exploration area as its ‘flagship’ project.

Inishkea is located in the vicinity of the Corrib field – Ireland’s primary source of domestic gas – which means there’s an opportunity to accelerate any would-be project towards commerciality (if exploration activities are first a success).

Proximity to existing infrastructure and a tangible proof of hydrocarbons next door, understandably, make the Inishkea assets a natural starting point for practical exploration activities.

That the targets are also found in shallower and somewhat more hospitable waters, compared to the group’s other Atlantic prospects means they should (in theory) also be cheaper to test.

Europa reckons there could be some 2.54trn cubic feet of gas across six prospects in the Inishkea area.

The plan is to drill an exploration well, in either 2019 or 2020, though to fund the programme, Europa will need to bring in a partner via a ‘farm-out’ transaction (which would see project equity swapped for either funding commitments or hard cash).

“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,” Europa chief executive Hugh Mackay said, in October.

“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.”

Europa recently confirmed that it is now in talks with a major international oil and gas company regarding a potential farm-out and partnership deal.

Such a deal would likely be a significant catalyst for Europa’s shares, as would any successes elsewhere in Ireland’s offshore exploration frontier.

Eyeing opportunities in Morocco

At the same time, Europa is now looking to new opportunities in new territories – with a project in Morocco currently under consideration.

“Our experience onshore UK during 2018 has vindicated the board’s decision to add a third territory to our portfolio,” chairman Simon Oddie said in a statement ahead of December’s AGM.

“Over the course of the year, we have evaluated a number of potential projects in several new jurisdictions and, as announced on 20 November 2018, we are pursuing a new venture opportunity in Morocco to further diversify our asset base.

Oddie added: “By next year’s AGM Statement, I am confident Europa will not only have a clear line of sight towards the drilling of at least one potentially transformational well offshore Ireland, but also have a portfolio of assets in at least three jurisdictions, all at various stages of development and all contributing to our growing pipeline of opportunities offering significant re-rating potential.”

Investors will wait over the next weeks for further Morocco news.

England frustrations

Whatever Brexit holds in store for the UK more broadly, the uncertainties affecting Europa’s British business were in local politics.

Although existing producing assets were supported by better oil prices, growth projects stalled.

“While major milestones were chalked up across our Irish portfolio in 2018, the same cannot be said for our UK onshore assets,” Simon Oddie said.

“We are constantly looking to maximise our existing production, and we have a number of initiatives underway focused on achieving just that.

“However, efforts to scale up output both by bringing the Wressle oil discovery in North Lincolnshire on line and by drilling the conventional Holmwood prospect in the Weald Basin, proved fruitless following unfavourable decisions at the council and governmental levels respectively. 

“We remain optimistic that Wressle will eventually be brought into production at a gross rate of 500 bopd, even after the disappointing decision by the council’s planning committee to refuse permission despite a recommendation from its own professional planning officer. 

He added: “However, following the decision by the Secretary of State for Environment, Food and Rural Affairs not to renew the lease for the drill site at Bury Hill Wood, we took the decision to withdraw our application to extend planning permission to drill Holmwood.”

Evidently, Europa is not giving up on what remain attractive English assets – nonetheless, both the company and its investors will need to be patient on the planning front.

English frustrations aside, the company is expected to have plenty going on in Ireland and Morocco to keep the market engaged.

]]>
Tue, 04 Dec 2018 14:28:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210498/europa-oil-gas-set-for-catalysts-in-ireland-and-morocco-210498.html
<![CDATA[News - Europa Oil & Gas looks to Ireland and Morocco ]]> https://www.proactiveinvestors.co.uk/companies/news/210455/europa-oil-gas-looks-to-ireland-and-morocco-210455.html Europa Oil & Gas Holdings Plc (LON:EOG) chairman Simon Oddie has told investors that the company is pursuing a new venture opportunity in Morocco, to add to the high-potential exploration offshore Ireland and its bogged down English projects.

In 2018, the junior oil and gas firm racked up project milestone and acheivements for its ‘pre-drill’ offshore Ireland assets - culminating in ongoing farm-out talks with ‘a major international oil and gas company’ for the flagship Inishkea project.

READ: Europa Oil & Gas raises £4mln for Ireland and new Morocco venture

At the same time, however, Europa’s English projects have been stymied in local government planning offices, with both the Wressle and Holmwood projects stalling.

Oddie, in a statement ahead of Europa’s AGM later today, said: “Our experience onshore UK during 2018 has vindicated the board’s decision to add a third territory to our portfolio. 

“Over the course of the year, we have evaluated a number of potential projects in several new jurisdictions and, as announced on 20 November 2018, we are pursuing a new venture opportunity in Morocco to further diversify our asset base. 

“By next year’s AGM Statement, I am confident Europa will not only have a clear line of sight towards the drilling of at least one potentially transformational well offshore Ireland, but also have a portfolio of assets in at least three jurisdictions, all at various stages of development and all contributing to our growing pipeline of opportunities offering significant re-rating potential.”

 

 

]]>
Tue, 04 Dec 2018 08:05:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210455/europa-oil-gas-looks-to-ireland-and-morocco-210455.html
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - AGM Statement ]]> https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201812040200PR_NEWS_UKDISCLO_0011/ Tue, 04 Dec 2018 07:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201812040200PR_NEWS_UKDISCLO_0011/ <![CDATA[News - Europa Oil & Gas remains resolute as Wressle planning situation disappoints again ]]> https://www.proactiveinvestors.co.uk/companies/news/210183/europa-oil-gas-remains-resolute-as-wressle-planning-situation-disappoints-again-210183.html Europa Oil & Gas Holdings Plc (LON:EOG) has maintained positive in its support for the Wressle oil project, in Lincolnshire, despite yet another disappointment in efforts to secure planning permission to develop the field.

Late in Wednesday’s session, it was announced that Wressle project operator Egdon Resources had been frustrated again as the North Lincolnshire Council Planning Committee refused the new application for planning consent.

READ: Planning officer recommends Wressle field for planning approval

Egdon is operator with a 30% stake and it intends to submit an appeal against the decision without delay and it said it will begin preparing the appeal documentation once it receives the council committee refusal letter.

“The decision of the committee, whilst not entirely unexpected, is nonetheless disappointing given that the application had been recommended for approval by North Lincolnshire council’s own professional planning officer who had the benefit of a positive assessment by specialist independent technical consultants,” said Mark Abbott, Egdon Resources chief executive.

“We agree with the conclusion of the planning officer and the independent consultants and strongly believe the new application for the development of the Wressle oil field fully and comprehensively addresses the reasons for the refusal of the original planning applications and the subsequent appeals and therefore intend to appeal this decision without delay.”

Europa, which owns a 30% stake in Wressle, in its own statement backed Egdon.

“Located in the heart of the East Midlands Petroleum province, recommended for development by the council’s own planning officer as well as independent consultants, and with the potential to generate meaningful production revenues for Europa, we believe the case for bringing the Wressle discovery into production is strong. 

“We therefore fully support the operator’s continued efforts to advance Wressle, starting with the preparation of the appeal documentation as soon as possible.”

Elsewhere, Union Jack Oil PLC (LON:UJO) holds a  27.5% project stake.

]]>
Thu, 29 Nov 2018 07:23:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210183/europa-oil-gas-remains-resolute-as-wressle-planning-situation-disappoints-again-210183.html
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Update on Wressle, North Lincolnshire ]]> https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201811281115PR_NEWS_UKDISCLO_0093/ Wed, 28 Nov 2018 16:15:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201811281115PR_NEWS_UKDISCLO_0093/ <![CDATA[News - Planning officer recommends North Lincolnshire council approves planning consent for Wressle oil field ]]> https://www.proactiveinvestors.co.uk/companies/news/209732/planning-officer-recommends-north-lincolnshire-council-approves-planning-consent-for-wressle-oil-field-209732.html North Lincolnshire’s planning officer has recommended that local councillors approve planning consent for the development of the Wressle oil field, in which Union Jack Oil PLC (LON:UJO) and Europa Oil & Gas (Holdings) PLC (LON:EOG) have sizeable stakes.

Operator Egdon Resources Plc (LON:EDR) submitted a new planning application back in July, having had its original submission and subsequent appeals knocked back over the past year.

READ: New Wressle planning application submitted

The planning officer, supported by a team of external technical experts, has concluded that their earlier concerns “have been overcome”.

The latest application will be considered by the planning committee next Wednesday (November 28).

“The planning officer’s recommendation to the council to approve the application for planning consent for the development of Wressle is testament to the comprehensive work that has been undertaken to address all outstanding issues,” said Europa chief executive Hugh Mackay.

Egdon managing director Mark Abbott added: “We hope that the members of the planning committee will agree with the considered recommendation of their professional planning officer (supported in this case by specialist advisors), the various regulatory authorities and statutory consultees and approve the application at next week’s meeting.”

Egdon Resources has a 30% stake in Wressle, as does Europa, while Union Jack and Humber Oil & Gas have 27.5% and 12.5%, respectively.

Onstream as early as 2019

City broker SP Angel reckons Wressle could come onstream as early as 2019 if there are no further hiccups with the planning applications.

“We are reiterating our belief that Wressle will come onstream 2020,” said analysts at City broker SP Angel.

“However, we recognise that such is the current preparedness onsite, should the North Lincolnshire Council do their job, this could be brought forward 12 months to 2019.”

Europa shares dipped 2.7% to 2.9p on Thursday morning, while Union Jack slipped by a similar percentage to 0.11p. Egdon’s stock jumped 8.8% to 8.3p.

--Adds share price and broker comment--

]]>
Thu, 22 Nov 2018 07:37:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/209732/planning-officer-recommends-north-lincolnshire-council-approves-planning-consent-for-wressle-oil-field-209732.html
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Update on Wressle ]]> https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201811220200PR_NEWS_UKDISCLO_0004/ Thu, 22 Nov 2018 07:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201811220200PR_NEWS_UKDISCLO_0004/ <![CDATA[Media files - Europa Oil & Gas CEO discusses £5mln fundraise, farm-in discussions and Morocco venture ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11259/europa-oil-gas-ceo-discusses-5mln-fundraise-farm-in-discussions-and-morocco-venture-11259.html Tue, 20 Nov 2018 12:20:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11259/europa-oil-gas-ceo-discusses-5mln-fundraise-farm-in-discussions-and-morocco-venture-11259.html <![CDATA[News - Europa Oil & Gas raises £4mln for offshore Ireland and new Morocco venture ]]> https://www.proactiveinvestors.co.uk/companies/news/209547/europa-oil-gas-raises-4mln-for-offshore-ireland-and-new-morocco-venture-209547.html Europa Oil & Gas (Holdings) PLC (LON:EOG) is to raise up to £5mln to fund its Irish Atlantic Margin projects and also a new venture in Morocco.

A firm placing will provide £4mln at 3p per share while existing shareholders can subscribe up to another £1mln through an open offer at the same price.

READ: Ireland’s great oil opportunity is now closer than ever as new drilling comes into view

Europa has exploration licences off the west coast of Ireland, where it is currently negotiating farm-in agreements with a major international oil and gas company over three of these - LO 16/20, FEL 1/17 and FEL 3/13.

Hugh Mackay, chief executive, said: “The funds raised will enable the company to continue to advance its high impact exploration portfolio in Atlantic Ireland and in particular to bring our high-graded prospects to the point of being ready to drill.

“The funds raised will enable us to deliver the work programme for a potential new licence in Morocco and to screen and land other new ventures"

 

 

]]>
Tue, 20 Nov 2018 08:19:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/209547/europa-oil-gas-raises-4mln-for-offshore-ireland-and-new-morocco-venture-209547.html
<![CDATA[RNS press release - Placing & Open Offer ]]> https://www.proactiveinvestors.co.uk/companies/rns/3682/LSE20181120070014_13872729/ Tue, 20 Nov 2018 07:00:14 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3682/LSE20181120070014_13872729/ <![CDATA[News - Canada’s US$1.3bn oil exploration boost bodes well for Ireland’s nascent oil frontier ]]> https://www.proactiveinvestors.co.uk/companies/news/208857/canadas-us13bn-oil-exploration-boost-bodes-well-for-irelands-nascent-oil-frontier-208857.html The West of Ireland and North America’s eastern seaboard have been closely linked ever since the early sixteenth century’s migrations into the ‘New World’.

Indeed, today, citizens with Irish heritage account for 15% of all of Canada’s population - that makes Irish Canadian the country’s fourth largest ‘ethnic group’ - and, it still remains a popular emigration route for the Republic’s young adults.

$1.3bn of new investment set for Canadian exploration

Geologically, however, the ties between each side of the Atlantic actually go back millions rather than hundreds of years. And that has genuine significance for Irish oil explorers like Europa Oil & Gas PLC (LON:EOG) and Providence Resources PLC (LON:PVR).

Today, it was revealed that large multinational firms including BHP Billiton PLC (LON:BLT) and the Norwegian company Equinor, formerly known as Statoil had committed to some US$1.3bn of oil and gas spending off the coast of eastern Canada.

A total of five areas were picked up, with Canadian firms Husky Energy and Suncor also partnered in the new ventures.

“This success confirms us as a global centre of interest for the world’s oil and gas exploration companies,” said Siobhan Coady, Minister of Natural Resources in the Newfoundland and Labrador government.

That, according to Europa Oil & Gas, should also provide encouragement for those investing in Ireland’s nascent Atlantic oil future.

$1.3 billion work programmes offered for 4 licences in Eastern Newfoundland on the opposite side of conjugate margin to Europa's licences in Atlantic Ireland. This is what exploration success looks like and what might come to Ireland. https://t.co/If6qxVNhZj

— Europa Oil and Gas (@Europaoilandgas) November 8, 2018 Conjugate potential explained

The uninitiated ought to strap themselves in, as this is likely to get a little technical, but, hopefully not too much!

Ireland’s west coast Atlantic margin and Canada’s eastern Atlantic margin – specifically Newfoundland - are what’s known as ‘conjugates’.

In simpler terms, they could be said to be paired or even twinned.

Keeping things top-level and simple: If you look far back enough on a long enough geological timeline, the two spots now separated by an ocean were once together, one and the same.

And, that fact potentially becomes very significant for those now seeking oil resources potentially locked beneath the surface offshore Ireland.

It is why proponents of Ireland’s exploration potential are likely to take the first opportunity to point out the discoveries in the ‘Flemish Pass’, offshore Newfoundland where Equinor (then called Statoil) unearthed the currently undeveloped, 300mln barrel Bay Du Nord field.

It is for a similar reason that discoveries in West Africa are given relevance to those now being found off the South American coast, in places like Guyana.

Bay du Nord was greenlighted with an agreement between Equinor and the Newfoundland and Labrador authorities in July this year.

The project will be a near $11bn development (with the start-up closer to $7bn) and is expected to be online in 2025. In all, it could span between 10 and 30 wells, with a floating production facility capable of handling 94,000 to 188,000 barrels of oil per day.

Anything remotely similar would have the potential to dramatically transform Ireland’s economy, which presently relies entirely on imported petroleum and has a substantial portion of households dependent on kerosene heating oil.

So successes in Canada helps Irish exploration?

In lay terms, the exploration concept is that the geological signatures seen successfully in one location provides a ‘proof’ or reduces the risks for similar or equivalent untested prospects in the other.

Indeed, successes in Newfoundland were cited as an important factor when in 2015, several large multinational oil companies snapped up swathes of Irish acreage when the Dublin government completed its offshore licensing.

Arguably, it is telling that the 2015 process was Ireland’s ‘most successful’ offshore licensing, despite a backdrop of the worst oil prices for a decade and - almost everywhere else - an industry-wide abandonment of exploration and growth projects.

Europa will give an investor presentation in Dublin this month, to attend sign up here

State-backed Chinese oil interests, multi-national ‘super-majors’ like BP PLC (LON:BP.) and Exxon Mobil Corp (NYSE:XOM), and independent exploration and production specialists like Equinor were among those taking up Irish acreage in the 2015 licensing round.

Several of those exploration projects are now advancing, with some wells now expected to be drilled in 2019.

It is with those new exploration efforts in mind, that Europa O&G highlighted today’s new Canadian commitments being made by the likes of BHP and Equinor.

Europa plans partnerships and exploration drilling

Actual oil will need to be actually discovered in Irish waters first, but, according to Europa, substantial investors also could be drawn to Ireland if similar exploration successes are achieved.

As Europa is presently seeking a funding partner for its exploration projects, its motivation for highlighting the new investment is probably quite clear.

Europa has so far identified a catalogue of exploration targets in Ireland’s Atlantic, with an aggregate of 4.3bn barrels of oil potential presently estimated.

A process is underway to ‘farm-out’ project equity stakes to new partners in return for drilling funds, and, the small-cap exploration company hopes to start drilling in either 2019 or 2020.

Evidently, Europa would be a key beneficiary if positive industry interests translate across the Atlantic.

]]>
Thu, 08 Nov 2018 14:17:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/208857/canadas-us13bn-oil-exploration-boost-bodes-well-for-irelands-nascent-oil-frontier-208857.html
<![CDATA[News - Ireland’s great oil opportunity is now closer than ever as new drilling comes into view ]]> https://www.proactiveinvestors.co.uk/companies/news/208644/irelands-great-oil-opportunity-is-now-closer-than-ever-as-new-drilling-comes-into-view-208644.html Ireland’s nascent offshore oil business is seen in certain quarters of the oil exploration business as a tremendous investment opportunity.

The more promotionally minded exponents and executives might even propose that it is a “once in a lifetime” opportunity.

Now, that might be a little much and a little hyperbolic, but, nonetheless, the frequently promised great oil potential in Ireland’s Atlantic waters is now arguably closer than ever.

For one, crude oil prices are considerably higher than they were in 2015 when the Irish government auctioned off exploration rights to some of the world’s largest oil companies.

Europa will give an investor presentation in Dublin this month, to attend sign up here

Then, the Chinese were the largest of the new entrants offshore Ireland.  Now, via state-owned entities, China is driving forward what could become a significant new oil sector.

In a new partnership with London-listed Providence Resources, the Chinese will drill new wells to put the Barryroe field, off the Cork coast, firmly on the path to production.

Barryroe will be Ireland’s first commercial oil operation and it will be the country first domestic source of petroleum. As such will be a watershed moment, not just for Ireland’s hydrocarbon industry but significantly for the country’s economy which presently is wholly reliant upon imports.

Whilst the Cork operation is Ireland’s ‘most advanced’ project, the possibilities off the west coast arguably presents the greatest opportunity.

Those ‘in the know’ see many billions of possible barrels of oil - based on technical work, academic study and geological extrapolation.

Finding a viable discovery has eluded the initial drilling ventures, and, as such the largely blue-sky estimates espoused to date still must be proven with actual well results.

New exploration drilling slated for 2019

China, via the Nexen business acquired by the state’s offshore oil company CNOOC, is expected to kick off its Atlantic exploration venture with gusto as wells are due during 2019.

As neither CNOOC nor Nexen is stock market listed entities detailed information about the China-held acreage and drill plans aren’t so easy to pin down. It is not, however, the only play in town.

Several publicly owned oilers are also committed to finding oil offshore Ireland - some very big and some comparatively small.

Small-cap explorers like Providence Resources and Europa Oil & Gas are more inclined to share insights about what the west coast frontier could become after all their market valuations and financing capabilities depend on investors understanding the proposition.

Irish success will, arguably, be most ‘transformational’ for explorers like Europa which essentially have their futures pinned to the ‘high impact potential’ in the Atlantic.

Small value, big potential

Europa, for instance, is presently valued in the stock market at around £11mln yet its exploration inventory includes identified prospects representing some 4.3bn barrels of potential resources.

On London’s AIM market the explorer’s share price stands presently at 3.55p, and, to highlight the possible upside, stockbroker finnCap this summer set a 55p price target along with a ‘buy’ recommendation.

Europa’s ambitions are on a two-track course

Earlier this year, the company revealed new plans to prioritise gas targets in its northernmost portion of exploration acreage.

Significantly, here, the targets are located in the vicinity of the Corrib field – Ireland’s primary source of domestic gas – which means there’s an opportunity to accelerate any would-be project towards commerciality (if exploration activities are first a success).

Proximity to existing infrastructure and a tangible proof of hydrocarbons next door, understandably, make the group of targets collectively referred to by Europa as the ‘Inishkea assets’ a natural starting point.

That the targets are also found in shallower and somewhat more hospitable waters means they should (in theory) be cheaper to test.

Europa reckons there could be some 2.54 trillion cubic feet of gas across six prospects in the Inishkea area.

Farm-outs and drilling

The plan is to drill an exploration well, in either 2019 or 2020, though to fund the programme Europa will need to bring in a partner via a ‘farm-out’ transaction (which would see project equity swapped for either funding commitments or hard cash).

Similarly, farm-outs are seen as Europa’s preferred route to fund exploration across the rest of its portfolio which spans a total of three key exploration areas, estimated to contain the potential for 4.3bn.

There’s no shortage of interest, at least not according to Europa chief executive Hugh Mackay, who in October said: “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.”

Of course, even with a ‘favourable’ and ‘de-risked’ opportunity like at Inishkea exploration is as ever a risky business.

Plainly, though there’s a lot to play for. In the meantime, for those comfortable with risky propositions, there are good reasons to pay close attention to Irish explorers like Europa Oil & Gas.

Europa chief executive Hugh Mackay is due to meet investors and deliver a presentation at the Proactive Investors One2One Investor Forum on November 22 at The Spencer Hotel, IFSC, Dublin.

To attend, register your place at the event here

]]>
Tue, 06 Nov 2018 15:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/208644/irelands-great-oil-opportunity-is-now-closer-than-ever-as-new-drilling-comes-into-view-208644.html
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - EOG - Update on Wressle, North Lincolnshire ]]> https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201810300604PR_NEWS_UKDISCLO_0042/ Tue, 30 Oct 2018 10:04:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201810300604PR_NEWS_UKDISCLO_0042/ <![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Investor Update - Atlantic Ireland Conference ]]> https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201810300300PR_NEWS_UKDISCLO_0003/ Tue, 30 Oct 2018 07:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201810300300PR_NEWS_UKDISCLO_0003/ <![CDATA[News - Europa Oil & Gas looks forward to Irish well programme as soon as next year ]]> https://www.proactiveinvestors.co.uk/companies/news/207257/europa-oil-gas-looks-forward-to-irish-well-programme-as-soon-as-next-year-207257.html 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 https://www.proactiveinvestors.co.uk/companies/news/207257/europa-oil-gas-looks-forward-to-irish-well-programme-as-soon-as-next-year-207257.html
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Final Results for the year to 31 July 2018 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201810170200PR_NEWS_UKDISCLO_0012/ Wed, 17 Oct 2018 07:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201810170200PR_NEWS_UKDISCLO_0012/ <![CDATA[Media files - Europa Oil & Gas still confident Holmwood will be drilled despite planning knock-back ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10320/europa-oil-gas-still-confident-holmwood-will-be-drilled-despite-planning-knock-back-10320.html Tue, 04 Sep 2018 10:35:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10320/europa-oil-gas-still-confident-holmwood-will-be-drilled-despite-planning-knock-back-10320.html <![CDATA[News - Europa Oil & Gas's Holmwood venture frustrated as it is forced to withdraw planning application ]]> https://www.proactiveinvestors.co.uk/companies/news/204094/europa-oil-gas-s-holmwood-venture-frustrated-as-it-is-forced-to-withdraw-planning-application-204094.html 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 https://t.co/1h4JbiSBZ4 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 https://www.proactiveinvestors.co.uk/companies/news/204094/europa-oil-gas-s-holmwood-venture-frustrated-as-it-is-forced-to-withdraw-planning-application-204094.html
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Update on Holmwood Prospect, Surrey ]]> https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201809040200PR_NEWS_UKDISCLO_0002/ Tue, 04 Sep 2018 07:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201809040200PR_NEWS_UKDISCLO_0002/ <![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Correction: Update on Wressle, North Lincolnshire ]]> https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201808020230PR_NEWS_UKDISCLO_0014/ Thu, 02 Aug 2018 07:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201808020230PR_NEWS_UKDISCLO_0014/ <![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Update on Wressle, North Lincolnshire ]]> https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201808011131PR_NEWS_UKDISCLO_0137/ Wed, 01 Aug 2018 16:31:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201808011131PR_NEWS_UKDISCLO_0137/ <![CDATA[News - Europa Oil & Gas updates on planning process for Holmwood project ]]> https://www.proactiveinvestors.co.uk/companies/news/201401/europa-oil-gas-updates-on-planning-process-for-holmwood-project-201401.html 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 https://www.proactiveinvestors.co.uk/companies/news/201401/europa-oil-gas-updates-on-planning-process-for-holmwood-project-201401.html
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Planning Update for Holmwood Well in the Weald Basin ]]> https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201807240200PR_NEWS_UKDISCLO_0011/ Tue, 24 Jul 2018 07:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201807240200PR_NEWS_UKDISCLO_0011/ <![CDATA[Media files - Europa Oil & Gas sees immediate interest in South Porcupine farmout ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/9847/europa-oil-gas-sees-immediate-interest-in-south-porcupine-farmout-9847.html Fri, 13 Jul 2018 11:35:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/9847/europa-oil-gas-sees-immediate-interest-in-south-porcupine-farmout-9847.html <![CDATA[News - Europa Oil & Gas bolsters exploration inventory as it steps up farm-out efforts ]]> https://www.proactiveinvestors.co.uk/companies/news/200645/europa-oil-gas-bolsters-exploration-inventory-as-it-steps-up-farm-out-efforts-200645.html 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 https://www.proactiveinvestors.co.uk/companies/news/200645/europa-oil-gas-bolsters-exploration-inventory-as-it-steps-up-farm-out-efforts-200645.html
<![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - New Irish Prospect Inventory and Farmout Launch ]]> https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201807120200PR_NEWS_UKDISCLO_0010/ Thu, 12 Jul 2018 07:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201807120200PR_NEWS_UKDISCLO_0010/ <![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Update on Wressle, North Lincolnshire ]]> https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201807050943PR_NEWS_UKDISCLO_0080/ Thu, 05 Jul 2018 14:43:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201807050943PR_NEWS_UKDISCLO_0080/ <![CDATA[RNS press release - Europa Oil & Gas (Holdings) Plc - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201806150600PR_NEWS_UKDISCLO_0045/ Fri, 15 Jun 2018 11:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3682/PRNRNS_201806150600PR_NEWS_UKDISCLO_0045/