20th Apr 2005 09:03
Europa Oil & Gas (Holdings) PLC20 April 2005 20 April 2005 EUROPA OIL & GAS (HOLDINGS) PLC ("Europa" or the "Company") GAS DISCOVERY IN ROMANIA FLOWS AT 12.7 mmscf/d Europa Oil & Gas (Holdings) plc, the independent oil & gas exploration andproduction group with assets in the UK and continental Europe, announced todaythe successful testing of the Fratauti-1 exploration well in northern Romania(28.75% net working interest). The discovery well, flowed at an aggregate rateof 12.7 mmscfpd (2,117 boepd) from three tests of gas-bearing sandstones between500 and 600 metres depth. The well is situated in Block EIII-1, seven kilometres south of the Company'sBilca gasfield. Falcon Oil & Gas, the operator, plans to complete the well as agas producer, initially from the middle zone, for incorporation into thedevelopment of the Bilca Field, due onstream in early 2006. The group intends to acquire further seismic data later in 2005 to evaluate theblock to the south of the Fratauti well. Paul Barrett, Managing Director of Europa, said: "This well, our first discovery since joining AIM, is a very significantaddition to the production of the Bilca development and an important steptowards the 1,000 boepd target the Board has set for 2006." For further information, contact: Europa Oil & Gas (00 33 563 33 18 97) Paul Barrett Citigate Dewe Rogerson (020 7638 9571) Martin Jackson / George Cazenove Westhouse Securities LLP (020 7601 6100) Bill Staple / Tim Feather Notes to Editors Europa began trading on the AiM market on 11 November 2004. Placing Statistics Placing Price per New Ordinary Share 25 penceNumber of New Ordinary Shares placed 20,000,000Total Proceeds from the Placing (before expenses) £5 millionNumber of Ordinary Shares in issue immediately following Admission 60,000,000Number of Warrants in issue immediately following Admission 10,000,000Market Capitalisation following the Placing at the Placing Price £15 million Production Three projects are currently in production and a further two are awaitingdevelopment. The current attributable production of around 330 boepd isforecast by independent consultants, Scott Pickford, to rise to up to 6,000boepd by 2007. Reserves Scott Pickford has undertaken a review of the oil and gas properties of Europaand concluded that the Group holds 2P reserves and contingent resources of 7million barrels of oil equivalent ("mmboe") and estimated additional unriskedprospective resources of 28 mmboe. Summary of Principal Assets Country Block / Field Operator Interest Producing UK West Firsby Oilfield Europa 100% UK Whisby-4, Whisby Oilfield Blackland Park 75% Ukraine Horodok Field Europa 70% Development UK 41/24 & 41/25 Europa 100% UK Whisby Area (pending) Europa 100% Romania Brodina EIII-1 (Bilca Discovery) Falcon 28.75% Exploration UK TQ14 Holmwood (pending) Europa 40% UK Whisby Area Exploration (pending) Europa 100% Romania EPI-8 Valeni de Munte Tullow Oil 15% Romania Epi-3 Costisa Prospect Tullow Oil 15% Romania EIII-3 Cuejdui Falcon 28.75% Romania EIII-4 Bacau Falcon 47.5% Poland Nowy Sacz Area Medusa 2.5% ORRI Strategy Europa has embarked on a strategy to build the Group into a significantEuropean-focused independent upstream oil and gas business. The strategy willbe to continue to grow a balanced exploration and production portfolio withproducing assets generating cashflow, development projects providing low riskpotential and exploration opportunities offering significant upside. 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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