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Europa Oil & Gas Plc set for low-cost production at Wressle field

What it does
Europa Oil & Gas PLC (LON:EOG) is an AIM-listed oil and gas exploration and production ..

By admin , in Cambridge , at April 29, 2020

What it does

Europa Oil & Gas PLC (LON:EOG) is an AIM-listed oil and gas exploration and production company with assets in Europe and Africa.

How is it doing?

Onshore UK

Europas UK business is poised with the promise of low-cost, cash generative production onshore thanks to the long-awaited delivery of the Wressle oil field.

The company holds 30% interest in the Wressle onshore oil field in North Lincolnshire, which was granted planning permission in January after operator Egdon Resources lodged an appeal against the local council.

In April, Europa chief executive told investors that the pending start-up of the Wressle field will transform the companys production and revenue profile.

A fresh review of Wressle in March determined that it was “economically robust in the current low oil price environment”.

Modelling by operator Egdon Resources in March estimated a US$17.62 per barrel break-even price for the field.

Once established Wressle will yield around 500 barrels of oil per day (bopd), and, as such contributions from the field will double Europas net production volumes.

Ireland

Europa holds six licences in Atlantic Ireland which, in aggregate, cover an area of over 4,985 sq km.

Acreage includes six play types in three basins and contain over 30 prospects and leads that potentially hold gross mean un-risked prospective resources of 6.4bn barrels oil equivalent and 1.5 tcf gas.

Six prospects at drill-ready status including: Inishkea gas project in LO 16/20 in the Slyne Basin; Kiely East in FEL 2/13 and Edgeworth in FEL 1/17 in the South Porcupine Basin.

Inishkea is regarded by Europa as its flagship project due to its location in a play that has been proven by the Corrib gas field, its potential to be larger than Corrib, its proximity to existing processing facilities, and Irelands need for more gas supplies.

Negotiations have been ongoing for farm-in agreements to three Irish licences (LO 16/20, FEL 1/17 and FEL 3/13).

In January 2020, it was revealed that a major international oil company had dropped out of the process amid its own internal business review.

Europa hopes a deal will see it fully carried on a well on each licence and retain a material interest in each.

Site surveys for wells at Inishkea, Kiely East and Edgeworth are under application subject to regulatory approval.

Exploration areas with “limited” potential, Licensing Option (LO) 16/19, in the South Porcupine Basin, were relinquished in February.

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