6th Jun 2007 07:00
Europa Oil & Gas (Holdings) plc (`the Company' or `Europa') Production Sharing Agreement
The Directors of Europa Oil & Gas (Holdings) plc, the production and exploration company, are pleased to announce that the Production Sharing Agreement covering the West Darag Onshore Concession in Egypt was signed at a ceremony in Cairo yesterday.
The work programme for the West Darag Concession will involve reprocessing existing seismic data along with geological and geophysical field investigations during the first two year phase. An optional second phase of the Concession will require 500km of 2D seismic acquisition and one well to be drilled in the three year period. Finally, a third period of a further three years, if exercised, will require a similar amount of seismic acquisition and two additional wells to be drilled.
Europa (60% and Operator) will undertake this work in partnership with Solaris Energy plc (40%), subject to approval by the Egyptian authorities of the assignment to Solaris.
Paul Barrett, Managing Director of Europa, said "We are extremely pleased to be commencing our exploration activities in Egypt, a country which continues to deliver excellent exploration results. We are aiming to start fieldwork towards the end of this year."
About Europa Oil & Gas (Holdings) plc
Europa Oil & Gas focuses on the production and exploration of hydrocarbons in Europe and North Africa. Europa currently produces oil from three fields in the UK. Operating over two-thirds of its portfolio with an average working interest of 60%, Europa also has field appraisal and exploration activity on a number of projects in the UK and Romania and a strong new ventures programme across Europe and the North African region.
For more information please visit www.europaoil.com
For further information, contact:
Paul Barrett, Managing Director, Europa Oil & Gas +33 5 63 33 18 97
Jonathan Wright or Parimal Kumar, Seymour Pierce +44 20 7107 8000
EUROPA OIL & GAS (HOLDINGS) PLCRelated Shares:
Europa Oil & Gas