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Europa Oil & Gas works towards planning permission at Wressle

Snapshot

The company was awarded an asset offshore Morocco in September 2019

oil rig

Quick facts: Europa Oil & Gas Holdings PLC

Price: 2.3 GBX

AIM:EOG
Market: AIM
Market Cap: £10.23 m
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  • Europa Oil & Gas PLC (LON:EOG) is an AIM-listed oil and gas exploration and production company

  • Focus is on very high impact exploration in Atlantic Ireland and supported by revenue from oil production in onshore UK

  • The company was awarded an asset offshore Morocco in September 2019

  • Wressle public inquiry in the UK is scheduled on 5 November

 

What it owns

 

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 Ireland’s need for more gas supplies.

Negotiations are ongoing for farm-in agreements to three Irish licences (LO 16/20, FEL 1/17 and FEL 3/13) with a major international oil company.

That is expected to see Europa 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.

The Irish government announced in September 2019 plans to phase out future licensing for oil exploration, which excludes new gas developments and existing oil and gas licences.

 

Morocco

Europa entered Morocco in September 2019, landing an eight-year licence for the Inezgane area in partnership with national energy company ONHYM.

There is a number of "large structural traps located on the edges and above salt diapirs" across the 11,228 square kilometres area, each holding up to 250mln barrels of crude.

 

Onshore UK

Europa produces from three oilfields in the East Midlands: West Firsby (100% working interest); Crosby Warren (100%); and the Whisby-4 well (65%). 

Production in the 12 months to 31 July averaged 91 barrels per day generating revenue of £1.7mln.

Development asset Wressle has a public inquiry scheduled for 5 November 2019 and expected to last six days.

 

 

Inflexion points

  • The company has recently appointed Simon Oddie as its interim chief executive and executive chairman to replace outgoing CEO Hugh Mackay
  • After starting up at Wressle, Europa expects revenue to reach up to £400mln annually, while production from the project is expected to raise its UK onshore production to around 240 barrels per day.
  • ‘New ventures activity will not stop at Morocco and we continue to screen various opportunities in our area of interest.’
  • In Ireland, currently negotiating farm-in agreements with a major international oil and gas company in respect of LO 16/20, FEL 1/17 and FEL 3/13. 
  • A final investment decision is awaited from the major’s head office. 'Meanwhile, we continue to run data rooms and market the opportunities to others'.
  • The LO 16/20 Inishkea site survey is likely to take place in 2020.
  • The FEL 2/13 Kiely East and FEL 1/17 Edgeworth site survey applications are in the pipeline and public consultation is the next step - Site surveys are a pre-requisite for drilling.
  • CNOOC and partner ExxonMobil were granted permission to drill on the 52/4-AIolar prospect in FEL 3/18, a new exploration well in the South Porcupine basin.
  • Iolar, if successful, would  de-risk around 1 billion barrels equivalent in Europa’s pre-rift (Middle Jurassic) prospect inventory ie Kiely East and Edgeworth

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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

3 min read