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Europa Oil & Gas Holdings hails highly encouraging progress at Wressle

Operator Egdon Resources is currently overseeing the construction of the well

Europa Oil & Gas Holdings PLC -

Europa Oil & Gas Holdings PLC  (LON:EOG) has welcomed the commencement of site works at the Wressle onshore oil field in Lincolnshire, which will usher in first production on schedule in the second half of the year.

Operator Egdon Resources Plc (LON:EDG) is currently overseeing the construction, which includes the installation of items such as a high-density polyethelene impermeable membrane, a French drain system and a surface water interceptor.

Europa holds a 30% interest in the licences that host the operation, alongside Egdon (30%) and Union Jack Oil & Gas (40%).

Chairman and interim CEO Simon Oddie said the commencement of site works was “highly encouraging”.

Wressle, which is break-even at US$17.62 a barrel, will be a significant money-spinner with oil trading at around US$40 a barrel.

The initial production rate of 500 barrels a day means Europa will receive a net share of 150 barrels, taking its daily production above 200 barrels and in the process “transforming2 the company’s revenue profile.

This, Oddie said, will provide Europa with a strong platform from which to advance its portfolio of multi-stage licences including the proven gas play of the Slyne Basin, offshore Ireland, and its potentially transformational Inzegane permit offshore Morocco.

Quick facts: Europa Oil & Gas Holdings PLC

Price: 1.001 GBX

Market: AIM
Market Cap: £4.45 m

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