Europa Oil & Gas Holdings Plc (LON:EOG) has updated on the planning process for the Holmwood project, as it submits an application to make new variations to its proposals.
For the proposed exploration well site, the company is now seeking to extend the temporary period of the permission for the well site by a further 3 years.
It also wants to remove the requirement for the scheme to include an identified HGV holding area, and, has applied for two other associated planning applications - related to the underground drilling corridor and for a temporary security fence.
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The project neighbours the closely monitored Horse Hill project, also known as the ‘Gatwick Gusher’, where an extended well testing programme is understood to have gotten off to a positive start.
Like Horse Hill, it is anticipated that Holmwood could test both a shallower conventional oil reservoir in addition to a deeper Kimmeridge hybrid oil play.
Europa also confirmed that UK regulator the Oil and Gas Authority had now extended the initial term of the current licence out until the end of September 2020.
Additionally, it notes the approval of certain environmental permits for the project.
Europa is the project operator and it holds a 20% in the venture, alongside UK Oil & Gas Investments PLC (LON:UKOG) with 40%, Egdon Resources Plc (LON:EDR) holds 18.4%, Angus Energy Plc (LON:ANGS) has 12.5%, Union Jack Oil PLC (LON:UJO) owns 7.5% and Altwood Petroleum is the small stakeholder with a 1.6% interest.
Thanks to farm-out deals, Europa is ‘fully carried’ for its share of the exploration well costs – up to a maximum of £3.2mln.
