Europa Oil & Gas (Holdings) PLC Wressle Production Update -- PEDL180/182 (5940Z)
January 15 2024 - 2:00AM
UK Regulatory
TIDMEOG
RNS Number : 5940Z
Europa Oil & Gas (Holdings) PLC
15 January 2024
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
15 January 2024
Europa Oil & Gas (Holdings) plc
("Europa" or the "Company")
Wressle Production Update - PEDL180/182
Europa Oil & Gas (Holdings) plc, the AIM quoted UK Ireland
and West Africa focused oil and gas exploration, development and
production company, is pleased to announce that the Wressle-1
well's gross production is currently averaging 665 barrels of oil
per day, as the Operator, Egdon Resources U.K. Limited, continues
to evaluate the reservoir response to increased pump rates.
Europa holds a 30% economic interest in PEDL180/182.
Further to the Company's announcement of 11 January 2023, Europa
confirms that its free cash flow (pre-capex) for 2023 is expected
to be approximately GBP0.8 million and, as at 30 November 2023, the
Company's cash position was GBP4.26 million. The lower than
forecasted full year free cashflow was primarily due to delayed
2023 Wressle development activities which reduced revenue receipts
for the 2023 calendar year but equally resulted in materially lower
capital expenditure than originally forecasted. The Company has
sufficient funds to cover its forecast capital and operational
requirements for 2024.
Will Holland, Chief Executive Officer of Europa, said:
"As we announced at the end of last year, our engineers are
closely monitoring the W1 well and are optimising the jet pump rate
to maximise oil recovery and value from the well. This remains a
dynamic process and we may decide to increase pump rates further as
the well performance continues to be assessed."
* * ENDS * *
For further information, please visit www.europaoil.com or
contact:
William Holland Europa Oil & Gas (Holdings) mail@europaoil.com
plc
Strand Hanson Limited
James Dance / James Spinney - Nominated & Financial +44 (0) 20 7409
/ Rob Patrick Adviser 3494
+44 (0) 20 7186
Peter Krens Tennyson Securities 9033
Patrick d'Ancona / Finlay + 44 (0) 20 7390
Thomson / Kendall Hill Vigo Consulting 0230
Notes to Editors
Europa Oil & Gas (Holdings) plc has a diversified portfolio
of multi-stage hydrocarbon assets which includes production,
development and exploration interests, in countries that are
politically stable, have transparent licensing processes, and offer
attractive terms. Average net production for the financial year
ending 31 July 2023 was 265 bopd. On 21 December 2023 the Company
acquired 42.9% interest in Antler Global, which holds an 80%
interest in the EG08 PSC offshore Equatorial Guinea. EG08 contains
an estimated gross mean un-risked 1.4 trillion cubic feet ("TCF")
gas prospective resources that can be tested with a single well
with a 92% chance of success. EG08 is adjacent to the Chevron
licence that contains the Alen gas field which is connected via
pipeline to the Bioko Island LNG plant. Europa took over
operatorship of PEDL343 ("Cloughton") on 27 July 2023 in which
Europa holds a 40% interest and contains an estimated 192 billion
cubic feet "BCF") of gas in place. Europa holds a 25% interest in
P.2358, Block 13/23c ("Serenity") in the Outer Moray Firth area of
the North Sea, which the 2019 Serenity oil discovery. The Company
holds one exploration licence offshore Ireland, which has two
principal prospects, the largest of which has the potential to host
gross mean un-risked prospective resources of 1.5 TCF gas. Inishkea
West is a near field gas prospect in the Slyne Basin which the
Company classifies as lower risk due to its close proximity to the
producing Corrib gas field and associated gas processing
infrastructure.
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