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Europa

Oil & Gas

Europa estimates $7billion un-risked value offshore Ireland

Europa Oil & Gas said an independent assessment carried out on three prospects has estimated an un-risked net present value (NPV) of around $7billion. The company said the estimate was made on three prospects on the Frontier exploration licence in the Porcupine basin, offshore Ireland. It was also found on a risked NPV basis, there was a 100% working interest of $1.1billion.

Oil & Gas

Europa Oil & Gas granted permission for exploratory borehole in the Weald Basin

Europa Oil & Gas said it was granted permission for the underground drilling corridor of an exploratory borehole at its Holmwood prospect in in the Weald Basin, in Surrey, England. Europa has a 40% interest in the licence, alongside Egdon Resources's 18.4% stake, Altwood Petroleum's 1.6% stake, Warwick Energy's 20% stake and UK Oil & Gas Investment's 20% stake. Now planning permission has been secured, the company will move on to detailed drilling planning and environmental permitting, and it expects drilling to take place in late 2016 or in 2017.

Oil & Gas

Europa and Arenite in joint venture licensing bid

Europa Oil & Gas has been awarded a licence in the southern North Sea as part of the UK 28th licensing round. The company said the conditional award of a promote licence over Block 41/24 was given by the OGA (Oil and Gas Authority) as part of a joint venture with Arenite Petroleum Limited. A total of 41 new licences were awarded in the latest round and the second tranche of successful bids follows the 134 bids confirmed last year, totalling up to 175 licences covering 353 blocks.

Oil & Gas

Europa set to launch production tests at Wressle-1

Onshore explorer Europa Oil and Gas plans to begin production testing at its Wressle-1 well in North-East England. The company’s chairman Bill Adamson will announce development in its work at an annual general meeting today. Drilling of the Wressle well, which started in July, marked the launch of a programme focused on proving up a potential 39 mmboe (million barrels of oil equivalent) within Europa’s portfolio in Ireland, France and onshore UK.