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Europa Oil & Gas (Holdings) Plc - Wressle Development Update

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

18 March 2020

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

Wressle Development Update

, the and focused oil and gas exploration, development and production company, notes today’s update from Egdon Resources (‘Egdon’) confirming that the development of the Wressle Oil Field (‘Wressle’ or the ‘Project’) in North Lincolnshire is economically robust in the current low oil price environment.  This follows work undertaken by Egdon to update its economic model to reflect recent events in the oil and gas markets. The results of this work show the Project has an estimated break-even oil price of per barrel.  Europa Oil & Gas (Holdings) plcUKIrelandUS$17.62

On current plans first oil at Wressle, in which Europa holds a 30% working interest, is envisaged during H2 2020. Under the development plan, Wressle is expected to commence production at an initial gross rate of 500bopd, which would more than double Europa’s existing onshore production to over 200bopd. UK

As detailed in Egdon’s press release today, the forward plan for the Wressle development, which was granted planning consent on appeal on , comprises the following key stages:17 January 2020

Progress to date has concentrated on the enabling works highlighted in point 1 above.  The initial work on site will be the installation of the groundwater monitoring boreholes with the main site operations occurring in the last months of the work stream. The Planning Inspector also allowed an application for costs against (‘NLC’) and this has subsequently been submitted to NLC. North Lincolnshire Council

The Wressle Oil Field was discovered by the Wressle-1 well in 2014.  During testing, a total of 710 barrels of oil equivalent per day were recovered from three separate reservoirs, the Ashover Grit, the Wingfield Flags and the Penistone Flags.  In , 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). Wressle lies on licences PEDL180 & 182 (‘the Licences’).  Europa holds a 30% working interest in the Licences alongside Egdon (operator, 30%), Union Jack Oil (27.5%), and (12.5%).September 2016Humber Oil & Gas Limited

“The results of the updated economic model for Wressle confirm what we have long believed: that the Project represents a low cost opportunity to more than double Europa’s production to over 200 bopd.  With first oil targeted for H2 2020, I look forward to providing further updates on progress made towards bringing this onshore field into production.” , Chairman of Europa, said:Simon OddieUK

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

Notes

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 2019 Europa produced 91 boepd. Its highly prospective exploration projects include the Wressle development in the (targeting production start-up in 2020 at 500 bopd gross) and five licences offshore with the potential to host gross mean un-risked prospective resources of 5.7 billion barrels oil equivalent and 1.5 trillion cubic feet (‘tcf’) gas. The Company’s flagship project offshore is the Inishkea prospect – a near field gas exploration project with 1.5 tcf gross mean un-risked prospective gas resources.Europa Oil & Gas (Holdings) plcUKIrelandIreland

1. Discharging the planning conditions, finalising detailed designs, tendering
     and procurement of materials, equipment and services and finalising all HSE
     documentation and procedures
  2. Installation of the ground water monitoring boreholes and establishment of
     baseline conditions through monitoring
  3. Reconfiguration of the site
  4. Installation and commissioning of surface facilities
  5. Sub-surface operations
  6. Commencement of production
Simon Oddie         Europa                 + 44 (0) 20 7224 3770

Phil Greenhalgh     Europa                 + 44 (0) 20 7224 3770

Christopher Raggett finnCap Ltd            + 44 (0) 20 7220 0500

Simon Hicks         finnCap Ltd            + 44 (0) 20 7220 0500

Frank Buhagiar      St Brides Partners Ltd + 44 (0) 20 7236 1177

Megan Dennison      St Brides Partners Ltd + 44 (0) 20 7236 1177

Quick facts: Europa Oil & Gas Holdings PLC

Price: 0.975

Market: AIM
Market Cap: £4.34 m
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Europa Oil's Simon Oddie talks Wressle, partnering discussions and 2020 plans

Europa Oil & Gas Plc’s (LON:EOG) Simon Oddie caught up with Proactive's Andrew Scott to discuss the recent Wressle development, onshore UK, which received a long awaited greenlight in a planning permission dispute. Europa owns 30% of the project which promises to double Europa’s oil...

on 30/1/20