Preliminary Results of the Wressle-1 Well, onsh...

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

2 September 2014

          Europa Oil & Gas (Holdings) plc (`Europa' or `the Company')          

             Preliminary Results of the Wressle-1 Well, onshore UK             

Europa Oil & Gas (Holdings) plc, the AIM quoted oil and gas exploration and
development company with a combination of producing and exploration assets in
Europe, is pleased to announce preliminary results of the Wressle-1
conventional exploration well (`Wressle well') in Lincolnshire which was
drilled to a total depth of 2,240 metres (1,814m TVDSS) on 23 August 2014.
Europa has a 33.3% working interest in Wressle, alongside its partners Egdon
Resources (operator, 25%), Celtique Energie Petroleum Ltd (33.3%), Union Jack
Oil (8.3%).

  * Both the stratigraphy and reservoir horizons encountered by the well were in
    line with the pre-drill geological forecast
   
  * Preliminary petro-physical evaluation of MWD (measurement whilst drilling)
    log data has indicated reservoirs that may contain hydrocarbons with
    sufficient porosity and permeability to flow at commercial rates - over 30
    metres measured thickness of potential hydrocarbon pay in three main
    intervals:
   
      + Penistone Flags - up to 19.8 metres measured thickness (15.9 metres
        vertical thickness) of potential hydrocarbon pay
       
      + Wingfield Flags - up to 5.64 metres measured thickness (5.1 metres
        vertical thickness) of potential hydrocarbon pay
       
      + Ashover Grit - up to 6.1 metres measured thickness (5.8 metres vertical
        thickness) of potential hydrocarbon pay
       
  * Elevated mud gas readings were observed over large parts of the interval
    from the top of the Penistone Flags reservoir target (1,831.5 metres MD) to
    TD
   
  * The next step is to further evaluate the three reservoirs by well testing
    to define fluid type(s), reservoir properties, production rates and
    commerciality
   
  * The well is currently being completed with a 4 ½" liner to enable selective
    and sequential testing of the intervals as part of an extended well test,
    for which planning consent is already in place
   
  * Test operations using a work-over rig are expected to commence during
    October 2014
   
  * Wressle is a conventional hydrocarbon prospect located in the East Midlands
    Petroleum Province, 5 km southeast of and along the same structural trend
    as the Europa operated, Crosby Warren field which has been producing oil
    for almost 28 years
   
  * Wressle's pre-drill gross mean prospective resources are estimated by Egdon
    to be 2.1 million barrels of oil
   
Europa's CEO, Hugh Mackay said, "This is an encouraging start to our two well
2014 East Midlands exploration programme. From a technical perspective, Wressle
is clearly a success and the upcoming test programme will determine whether it
will be deemed commercial. Drilling and logging has validated the pre-drill
geological model and bodes well for our future drilling activity. Shareholders
will not have to wait long for our next well, the 2.9 mmbo Kiln Lane prospect
on the neighbouring PEDL 181 licence, which remains on track to spud in Q4 2014.

"Also in 2014, we are due to receive a new prospect inventory from the
operator, Kosmos Energy, for our two licences offshore Ireland in the South
Porcupine Basin. This will be based on 3-D seismic acquired in H2 2013 over
previously identified prospects on our acreage, both of which have
company-making potential. We will be issuing a CPR for the updated prospects in
Q4 2014. Subject to the results, Kosmos continues to advise that a first well,
for which we are fully funded, could be spudded in 2016. Meanwhile onshore
France well planning and permitting is progressing for a well targeting the
416Bcf shallow gas prospect on the Bearn des Gave permit, in tandem with the
on-going farm-out process. With all this activity in mind, Europa will not be
short of newsflow over the next few months and I look forward to providing
further updates on our progress."

                                 * * ENDS * *                                  

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                     [phone] 
                                                                         
Henrik Persson      finnCap Ltd                     [phone] 
                                                                         
Frank Buhagiar      St Brides Media and Finance Ltd [phone] 
                                                                         
Lottie Brocklehurst St Brides Media and Finance Ltd [phone] 

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. The Company produced 170 boepd in the UK
during the first half of the 2013/2014 financial year, generating sufficient
revenues to cover corporate overheads and some exploration expenditure. Its
highly prospective exploration projects include the Wressle and Kiln Lane
prospects in the UK where wells are due to be drilled this year; 100% owned gas
exploration prospect (416 bcf) and appraisal project (CPR 277 bcf) in onshore
France; and a joint venture with leading independent Kosmos to explore two
licences in offshore Ireland in which Europa had previously identified two
prospects with estimated gross mean un-risked indicative resources of 482
million barrels oil and 1.6 billion barrels oil respectively.