PEDL 180 and PEDL 182 Competent Person’s Report

Europa Oil & Gas (Holdings) PLC
02 January 2024
 

 

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

 

2 January 2024

 

Europa Oil & Gas (Holdings) plc

("Europa" or the "Company")

 

PEDL 180 and PEDL 182 Competent Person's Report

 

Europa Oil & Gas (Holdings) plc, the AIM quoted UK, Ireland and West Africa oil and gas exploration, development and production company, is pleased to provide summary details from a Competent Person's Report ("CPR" or the "Report") for the Wressle field ("Wressle") and Broughton North Prospect, dated 31 December 2023, prepared by ERC Equipoise Limited ("ERCE" or the "Competent Person").

 

ERCE's summary of the findings of the Wressle CPR has been published on the Company`s website www.europaoil.com

Europa holds a 30% economic interest in PEDL180/182. All figures are in gross terms, unless otherwise stated.

 

HIGHLIGHTS

 

·    263% increase in 2P Reserves compared to 2016 CPR

·    Reclassification of 1,883 mboe in Penistone Flags Contingent Resources to 2P Reserves

·    59% upgrade to the Ashover Grit and Wingfield Flags Estimated Ultimate Recoverable ("EUR")

·    23% upgrade to Broughton North Prospective 2U Resources

 

Wressle Competent Person's Report

 

ERCE has made an independent estimate of the hydrocarbon Reserves and Resources (Contingent and Prospective) associated with Wressle and the Broughton North Prospect, located in onshore licences PEDL180 and PEDL182 on the western margin of the Humber Basin in Lincolnshire.

 

The CPR was prepared on behalf of Egdon Resources U.K. Limited (the "Operator"), Union Jack Oil plc and Europa.

 

In the preparation of the Report, ERCE has adopted the June 2018 SPE/WPC/AAPG/ SPEE/SEG/SPWLA/EAGE Petroleum Resources Management System ("PRMS") as the standard for classification and reporting. A glossary of all technical terms used is included in the Report.

 

ERCE has produced the CPR with an effective date of 30 June 2023. The Report was based on information provided by the Operator up to 24 July 2023, which has included updated seismic interpretations and production data.

 

Estimates of recovery factors were prepared, based on consideration of the results of production performance analysis, reservoir simulation models, classical reservoir engineering calculations and the performances of analogue fields. ERCE has derived independent estimates of Reserves and prepared forecasts of production of oil and gas.

 

Production profiles have been generated by ERCE for both Reserves and Contingent Resources. The forecasts generated for Reserves have then been used as input to an economic model to undertake an Economic Limit Test ("ELT") and assess commerciality. The economic model has been provided to ERCE by the Operator and has been reviewed by ERCE to confirm the fiscal regime is correctly represented.

 

Wressle Gross Oil and Gas Reserves (mboe)

Category

Gross Reserves

1P

2P

3P

2016 CPR

303

655

1,356

Added

-

-

-

Produced to 30 June 2023

(519)

(519)

(519)

Revisions

258

354

403

Reclassified

864

1,883

3,649

2023 CPR

906

2,373

4,888

 

 

 

 

Reserves Change

199%

263%

261%

 

 

 

 

Source:  Europa Oil & Gas
Note:      1 barrel of oil equivalent ("boe") is equal to 5,714scf of natural gas

 

Wressle Gross Oil and Gas Reserves: Ashover Grit and Wingfield Flags (mboe)

Category

Gross Reserves 

1P

2P

3P

2016 CPR

303

655

1,356

Added

-

-

-

Produced to 30 June 2023

(504)

(504)

(504)

Revisions

244

340

388

Reclassified

-

-

-

2023 CPR

42

490

1,240

 

 

 

 

Source:  Europa Oil & Gas

Note:           1 barrel of oil equivalent ("boe") is equal to 5,714scf of natural gas

 

Wressle Gross Oil and Gas Contingent Resources and Reserves: Penistone Flags (mboe)

Category

Gross Contingent Resources

Gross Reserves

1C

2C

3C

1P

2P

3P

2016 CPR

831

1,880

3,385

-

-

-

Added

-

-

-

-

-

-

Revisions

33

3

264

-

-

-

Reclassified

(864)

(1,883)

(3,649)

864

1,883

3,649

2023 CPR

-

-

-

864

1,883

3,649

 

 

 

 

 

 

 

Source:  Europa Oil & Gas

Note:      1 barrel of oil equivalent ("boe") is equal to 5,714scf of natural gas

 

Broughton North Oil and Gas Prospective Resources

The Broughton North prospect lies within Licence PEDL180 and is located immediately northwest of the Wressle field, across a northeast-southwest trending fault. The majority of the prospect is covered by the same 3D seismic survey that covers the Wressle field.

 

 

Broughton North Oil and Gas Gross Prospective Resources (mboe)

Category

Gross Unrisked Prospective Resources

1U

2U

3U

2016 CPR

180

494

1,156

Added

-

-

-

Produced to 30 June 2023

-

-

-

Revisions

34

115

376

Reclassified

-

-

-

2023 CPR

213

608

1,532

Source:  Europa Oil & Gas

Note:      1 barrel of oil equivalent ("boe") is equal to 5,714scf of natural gas

 

 

Will Holland, Chief Executive Officer of Europa, said:

 

"I'm very pleased to announce the material 263% upgrade in 2P reserves at Wressle, which marks the completion of an extensive and detailed independent technical evaluation of Wressle and the surrounding prospectivity. The ERCE evaluation included the reprocessed 3D seismic and the historical production performance at Wressle, which has refined the original 2016 CPR and has led to the significant upgrades in the recoverable reserves of the Ashover Grit, Wingfield Flags and Penistone Flags, and the increase in Broughton North's Prospective Resources. With NSTA approval for the FDP, I look forward to updating the market during 2024 as we seek to progress the field development and continue to realise the value of the field."

 

Competent Person's Statement

In accordance with the "AIM Rules - Note for Mining and Oil and Gas Companies", the information contained within this announcement has been reviewed and signed off by Alastair Stuart, Chief Operating Officer, who has over 40 years of international oil and gas industry experience.

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.

 

* * ENDS * * 

For further information, please visit www.europaoil.com or contact:

William Holland / Alastair Stuart

Europa Oil & Gas (Holdings) plc

mail@europaoil.com

James Dance / James Spinney / Rob Patrick

Strand Hanson Limited - Nominated & Financial Adviser

+44 (0) 20 7409 3494

Peter Krens

Tennyson Securities

+44 (0) 20 7186 9033

Patrick d'Ancona / Finlay Thomson / Kendall Hill

Vigo Consulting

+ 44 (0) 20 7390 0230

 

Glossary

1C

Low estimate of Contingent Resources



2C

Best estimate of Contingent Resources



3C

High estimate of Contingent Resources



1P

Low estimate of Reserves. Proved Reserves



2P

Best estimate of Reserves. The sum of Proved plus Probable Reserves



3P

High estimate of reserves. The sum of Proved plus Probable plus Possible Reserves



1U

The unrisked low estimate qualifying as Prospective Resources.



2U

The unrisked best estimate qualifying as Prospective Resources.



3U

The unrisked high estimate qualifying as Prospective Resources.



bcf

billion cubic feet



Contingent Resources

Those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects, but which are not currently considered to be commercially recoverable owing to one or more contingencies.



Estimate Ultimate Recoverable ("EUR")

Those quantities of petroleum estimated, as of a given date, to be potentially recoverable plus those quantities that have been already produced. For clarity, EUR must reference the associated technical and commercial conditions for the resources; for example, proved EUR is Proved Reserves plus prior production.



mbbl

thousands of standard oil barrels



mboe

thousands of barrels of oil equivalent



Prospective Resources

Those quantities of petroleum that are estimated, as of a given date, to be potentially recoverable from undiscovered accumulations.



Reserves

Reserves are those quantities of petroleum anticipated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions.



Technically Recoverable Resources

Those quantities of petroleum producible using currently available technology and industry practices, regardless of commercial or accessibility considerations

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UK 100

Latest directors dealings