Update on Timing of Wressle-1 Well Testing
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 informed about Egdon Resources' timing of operations to test potential hydrocarbon bearing zones in three separate reservoir intervals identified at the Wressle-1 exploration well. Wressle is located on the PEDL 180 licence in East Lincolnshire in which Europa has a 33.3% working interest, alongside its partners Egdon Resources (operator, 25%), Celtique Energie Petroleum Ltd (33.3%), Union Jack Oil (8.3%).
Egdon advises that the Environment Agency (‘EA’) permit variation for testing operations was issued on 1 December 2014. The permit includes additional monitoring requirements to those originally envisaged under Egdon’s own risk assessment process. Egdon will submit the revised method statement this week. The EA requires a notice period of four weeks to approve the proposed monitoring methodology proposed by Egdon and the partners to meet these additional requirements. As a result, Egdon expects to begin mobilisation to the Wressle-1 site during the week beginning 5 January 2015 with testing operations to start shortly thereafter.
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. As previously reported, petrophysical evaluation of log data acquired in the Wressle-1 well and elevated gas readings recorded whilst drilling indicate the presence of potential hydrocarbon bearing zones in three separate reservoir intervals, and the well has been completed with a 4 ½” liner to enable selective and sequential testing of these intervals. The test operations are designed to determine the hydrocarbon type and potential flow rates and hence commerciality of the Wressle-1 discovery.
Europa’s CEO, Hugh Mackay said, “With over 30 metres of potential hydrocarbon pay due to be tested at Wressle at the turn of the year, operations at the Kiln Lane site on the neighbouring licence expected to commence shortly, and a new prospect inventory for our two Irish licences due in the near term, this is a highly exciting period for Europa. I look forward to providing further updates on our progress as we look to deliver on our objective to monetise our highly prospective asset base and generate value for our shareholders.”