Europa Oil & Gas (Holdings) Plc (LON:EOG)

Europa Oil & Gas (Holdings) Plc (LON:EOG)


Share Price
2.95 p
Change
-0.05 (-1.67 %)
Market Cap
£13.12 m
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Europa Oil & Gas (Holdings) Plc RNS Release

Europa Oil & Gas (Holdings) Plc - Wressle Planning Appeal


Europa Oil & Gas (Holdings) Plc - Wressle Planning Appeal

PR Newswire

Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas

5 February 2019

Europa Oil & Gas (Holdings) plc (‘Europa’ or ‘the Company’)

Wressle Planning Appeal

Europa Oil & Gas (Holdings) plc, the UK and Ireland focused oil and gas exploration, development and production company, notes today’s update from Egdon Resources (‘Egdon’) that it has submitted to the Planning Inspectorate an appeal against the refusal of planning consent for the development of the Wressle oil field by North Lincolnshire Council’s (the “Council”) Planning Committee on 28 November 2018. The appeal will now be validated by the Planning Inspectorate and a bespoke timetable advised for the appeal process which will lead to a planning inquiry in due course.

The Wressle oil field was discovered by the Wressle-1 well in 2014.  During testing in 2015, Wressle-1 flowed oil and gas from three separate reservoirs, the Ashover Grit, the Wingfield Flags and the Penistone Flags.  A total of 710 barrels of oil equivalent per day were recovered from all zones.  In September 2016, a Competent Person’s Report provided independent estimates of Reserves and Contingent and Prospective oil and gas Resources for the Wressle discovery of 2.15 million stock tank barrels classified as discovered (2P+2C). 

Europa has a 30% working interest in licence PEDL 180 in the East Midlands which holds the Wressle oil discovery, alongside Egdon (operator, 30%), Union Jack Oil (27.5%), and Humber Oil & Gas Limited (12.5%) (together ‘the Partners’).  

Europa's CEO, Hugh Mackay, said: “The Partners are confident the new proposals for the development of Wressle comprehensively address the reasons highlighted by the Planning Inspector in the original appeal in January 2018, particularly as these have been recommended for approval by the Council’s Planning Officer and supported by an expert third party review undertaken on behalf of the Council.  Further details regarding the public inquiry, during which a Planning Inspector will consider the Partners’ appeal, will be provided in due course, as we support the operator’s efforts to bring the Wressle discovery online at an initial gross rate of 500bopd and in the process more than double Europa’s existing production to over 200bopd.”

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

* * ENDS * *

For further information please visit www.europaoil.com or contact:

Hugh Mackay Europa + 44 (0) 20 7224 3770
Phil Greenhalgh Europa + 44 (0) 20 7224 3770
Matt Goode finnCap Ltd + 44 (0) 20 7220 0500
Simon Hicks finnCap Ltd + 44 (0) 20 7220 0500
Camille Gochez finnCap Ltd + 44 (0) 20 7220 0500
Frank Buhagiar St Brides Partners Ltd + 44 (0) 20 7236 1177
Susie Geliher St Brides Partners Ltd + 44 (0) 20 7236 1177

Notes

Europa Oil & Gas (Holdings) plc has a diversified portfolio of multi-stage hydrocarbon assets that includes production, exploration and development interests, in countries that are politically stable, have transparent licensing processes, and offer attractive terms. In 2018 Europa produced 94 boepd. Its highly prospective exploration projects include the Wressle development in the UK (targeting production start-up in 2019 at 500 bopd gross) and six licences offshore Ireland with the potential to host gross mean un-risked prospective resources of 6.4 billion barrels oil equivalent and 2.5 tcf undiscovered GIIP across all six licences.

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