Update on PEDL143 Licence, Weald Basin

Europa Oil & Gas (Holdings) plc, the AIM quoted oil and gas company with a combination of producing and exploration assets in Europe, notes today’s announcement from UK Oil & Gas Investments PLC (‘UKOG’) that it has executed a Farm-in agreement with Egdon Resources (‘Egdon’) to acquire a 20% interest in the Europa operated PEDL143 licence in the Weald Basin, Surrey.  Europa holds a 40% interest in PEDL 143, which contains the conventional Holmwood prospect, alongside Egdon (18.4%), Altwood Petroleum (1.6%), Warwick Energy (20%) and UKOG (20%).
 
Europa’s CEO, Hugh Mackay said, “With mean gross un-risked prospective resources of 5.6 million barrels of oil, as estimated in a CPR published in June 2012, and a one in three chance of success, we view Holmwood as being one of the best undrilled conventional prospects onshore in the UK.  We are currently focused on securing planning permission to drill an exploratory well and undertake a short-term test for conventional hydrocarbons at Holmwood.  We welcome UKOG to the partnership.”