14th Dec 2007 07:00
Europa Oil & Gas (Holdings) plc Award of Exploration Permit
The Directors of Europa Oil & Gas (Holdings) plc ("Europa"), the production and exploration company, are pleased to announce that the Company has been informed by the French Government that the exclusive award of the Tarbes - Val d'Adour Permit to Europa will be completed in January 2008. The licence lies in the eastern part of the Aquitaine Basin, the main hydrocarbon producing basin in France.
The permit is situated within the oil producing part of the basin, adjacent to the producing Castera-Lou and Lagrave Fields, with a combined total production to date of 22 million barrels of oil. The licence contains the Jacque and Osmets oil fields, which produced light oil until 1986, when the oil price fell to around $10 per barrel and the fields were shut-in. The initial flow rate from wells on these fields was up to 700 barrels of oil per day and the conclusion of a preliminary review indicates that the fields contain undeveloped reserves. Europa will conduct a full review of these two fields for possible redevelopment and assess the remaining exploration potential of the licence area.
Paul Barrett, Managing Director, said "This permit, containing potential oilfield redevelopment candidates, is a perfect complement to our existing exploration licence in the Aquitaine Basin, the Bĩarn des Gaves permit, where the hydrocarbon play is for large gas accumulations. Given the current oil price, we feel the Aquitaine Basin has significant potential for a commercial renaissance and Europa has now secured a very attractive acreage position in the basin."
For more information please visit www.europaoil.com
For further information, contact:
Paul Barrett, Managing Director, Europa Oil & Gas +44 1235 553266
Jonathan Wright or Parimal Kumar, Seymour Pierce +44 20 7107 8000
EUROPA OIL & GAS (HOLDINGS) PLCRelated Shares:
Europa Oil & Gas