6th Dec 2005 07:01
Europa Oil & Gas (Holdings) PLC06 December 2005 EUROPA OIL & GAS (HOLDINGS) PLC COSTISA -1Z WELL The Directors of Europa Oil & Gas (Holdings) plc ("Europa" or the "Company")announce that the Costisa-1z exploration well, located in the EPI-3 Brates blockin Romania, has reached a final total depth of 4,350 metres in a Cretaceouslimestone sequence. The well's primary objective, a Badenian infra-anhydritesandstone interval, was not encountered by the wellbore. Due to poor boreholeconditions, a final logging programme was not undertaken. However, significant gas shows were encountered in Burdigalian sandstones, asecondary target, between 1,034 and 1,059 metres. These gas shows coincide withthe upper 25 metres of a 40 metre thick sandstone and shale sequence. Due tolikely formation damage and the large borehole size, a test of this interval inthe current borehole is not considered optimal. Europa, which currently has a 15 per cent. interest in the licence, hasexercised its right to request the Operator to suspend the well for futurere-entry and sidetrack in order to test the Burdigalian sandstone interval.Subject to agreement with partners and government approval, Europa intends toincrease its interest in the licence and assume Operatorship for the appraisalphase. Paul Barrett, Managing Director of Europa, said: "The Burdigalian gas shows look very promising and we are looking forward toproperly appraising these sands which have the potential to be a significantaddition to our existing gas development portfolio in Romania." Enquiries: Europa Oil & Gas (00 33 563 33 18 97)Paul Barrett Westhouse Securities LLP (0161 838 9140)Tim Feather Citigate Dewe Rogerson (020 7638 9571)Martin Jackson Also see www.europaoil.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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