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Europa Oil & Gas (Holdings) Plc - Wressle Planning Inquiry Date

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

29 April 2019

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

Wressle Planning Inquiry Date

Europa Oil & Gas (Holdings) plc, the UK and Ireland focused oil and gas exploration, development and production company, notes today’s update from Egdon Resources (‘Egdon’) advising that the Planning Inspectorate has now set the commencement date of the planning inquiry to hear an appeal against the refusal of planning consent for the development of the Wressle oil field by North Lincolnshire Council’s Planning Committee on 28 November 2018.  

The public inquiry will commence on 5 November 2019 with the hearing expected to last up to six days at a venue which has yet to be confirmed.  The Planning Inspector will be Mr. Phillip Ware.

The Wressle oil field was discovered in 2014 by the Wressle-1 well.  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 September 2016, 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).  Europa has a 30% working interest in licence PEDL 180 in the East Midlands which holds the Wressle oil discovery, alongside Egdon (operator, 30%), Union Jack Oil (27.5%), and Humber Oil & Gas Limited (12.5%) (together ‘the Partners’).  

Europa's CEO, Hugh Mackay, said: “Recommended for approval by the Council’s Planning Officer and supported by an expert third party review undertaken on behalf of the Council, the Partners are not alone in believing the new proposals for the development of Wressle comprehensively address all the points raised by the Planning Inspector in the original appeal.  At a proposed initial gross rate of 500bopd, Wressle has the potential to more than double Europa’s existing production to over 200bopd which, with Brent currently trading above US$70 per barrel, would generate a significant revenue stream for the Company. We are therefore keen to bring this discovery online at the earliest opportunity and with this in mind we are looking forward to the public inquiry in November.”

Qualified Person Review

This release has been reviewed by Hugh Mackay, Chief Executive of Europa, who is a petroleum geologist with over 30 years' experience in petroleum exploration and a member of the Petroleum Exploration Society of Great Britain, American Association of Petroleum Geologists and Fellow of the Geological Society. Mr Mackay has consented to the inclusion of the technical information in this release in the form and context in which it appears.

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

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

Hugh Mackay Europa + 44 (0) 20 7224 3770
Phil Greenhalgh Europa + 44 (0) 20 7224 3770
Matt Goode finnCap Ltd + 44 (0) 20 7220 0500
Simon Hicks finnCap Ltd + 44 (0) 20 7220 0500
Camille Gochez finnCap Ltd + 44 (0) 20 7220 0500
Frank Buhagiar St Brides Partners Ltd + 44 (0) 20 7236 1177
Juliet Earl St Brides Partners Ltd + 44 (0) 20 7236 1177

Notes

Europa Oil & Gas (Holdings) plc 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 2018 Europa produced 94 boepd. Its highly prospective exploration projects include the Wressle development in the UK (targeting production start-up in 2019 at 500 bopd gross) and six licences offshore Ireland with the potential to host gross mean un-risked prospective resources of 6.4 billion barrels oil equivalent and 1.5 tcf gas across all six licences.

Evaluation of hydrocarbon volumes has been assessed in accordance with 2018 Petroleum Resources Management System (PRMS) prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE) and reviewed and jointly sponsored by the World Petroleum Council (WPC), the American Association of Petroleum Geologists (AAPG),  the Society of Petroleum Evaluation Engineers (SPEE), the Society of Exploration Geophysicists (SEG), the Society of Petrophysicists and Well Log Analysts (SPWLA) and the European Association of Geoscientists & Engineers (EAGE).