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Europa Oil & Gas shares advance after favourable court ruling for Holmwood prospect

Published: 21:44 19 Jun 2014 AEST

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Edgdon Resources (LON:EDR) and Europa Oil & Gas (LON:EOG) told investors of a favourable ruling by the court of appeal for a proposed drill programme in the Weald basin, onshore UK.

Today, the court of appeal dismissed an appeal against a prior High Court ruling in the oil companies’ favour.

It means a proposals for the programme will go back to the planning inspectorate for redetermination, and this may involve a further planning inquiry.

The partners had proposed to drill and test one well to assess the Holmwood prospect, at a site in Surrey. It is a conventional oil exploration prospect, not shale, and is estimated to contain around 5.6mln barrels of oil.

"We are pleased with the Court of Appeal's decision which upholds last year's favourable High Court ruling,” said Hugh Mackay, Europa chief executive.

“We view Holmwood as being one of the best undrilled conventional prospects onshore in the UK. 

“Holmwood not only has the potential to materially add to Europa's existing production from three UK fields, but also to generate significant tax receipts for the UK government over the life of a well.”

"We look forward to restating our case for a temporary exploratory well at Holmwood later this year, as we look to add to our upcoming onshore UK drilling programme which includes the 2.1mmboe Wressle prospect in July 2014 and the 2.9mmboe Kiln Lane prospect on PEDL 181 in H2 2014.”

Mackay also highlighted that he imminently expected Kosmos Energy’s prospect inventory for its exploration venture offshore Ireland.

He told investors “there will be no shortage of high impact news flow over the coming months.”

Europa Oil & Gas sees immediate interest in South Porcupine farmout

Hugh Mackay, chief executive of Europa Oil & Gas Holdings Plc (LON:EOG), tells Proactive that on the same day they opened up the data room and launched a farmout process for three of their  licences in the South Porcupine Basin they've seen immediate interest from potential...

on 13/7/18