Europa Oil & Gas (Holdings) PLC (AIM:EOG) told investors it is looking forward to “exciting potential catalysts” as it released two separate stock market statements – one confirming the approval from the North Sea Transition Authority (NSTA) for the Wressle field development and the other announcing the appointment of Petrofac to the upcoming Serenity appraisal well programme.
At Serenity, drilling is slated to start in late August or September.
Petrofac Facilities Management Limited (PFML) is providing well engineering, operations management and operator services for Serenity.
It is a three-year contract and is in addition to an existing contract with Stena Drilling for the use of the Stena Don semi-submersible drilling rig later this year.
"This is a significant agreement, and we are pleased that PFML has been contracted to drill the Serenity appraisal well. PFML drilled the original Serenity discovery well for i3 Energy in 2019, which was successfully completed on time and on budget," said Europa Oil & Gas CEO Simon Oddie.
“Operations planning is well underway and on track to spud the Serenity appraisal well in early September, which will be a hugely exciting potential catalyst for Europa."
Regarding Wressle, Oddie separately said: "The NSTA's approval of the Field Development Plan ensures the Wressle project remains on track to transition from an extended well test to production.
“Wressle continues to exceed our expectations, generating high levels of production and revenues, with the Wressle-1 well currently amongst the most productive in the onshore UK, producing over 170,000 barrels of oil to date.
“Our next steps involve advancing the development plan and consenting process to enable production from the Penistone Flags reservoir where gross Mid-case Contingent Resources of 1.53 million barrels of oil and 2 billion cubic feet of gas have been independently reported, in addition to progressing gas monetisation and continuing to optimise oil and gas production from the Ashover Grit reservoir.”