EGN - Europa Oil & Gas back up and running at Wressle-1 after delays
(NewsDirect)
Europa Oil & Gas(Holdings) PLC (AIM:EOG) chief executive William Holland speaks toThomas Warner from Proactive London after the exploration andproduction company announced the restart of production at theWressle-1 well following the installation of a downhole jet pump.
Hollandacknowledges that the return to production took longer than he'dhoped, attributing the delay in part to long lead items. He emphasisesthat the well's output surpassed expectations during a six-houraverage rate and reached even higher peaks. As the well stabilises,Holland assures that production details will be forthcoming.
Additionally, he saysthat Europa is seeking an extension of its license for the InishkeaWest Project due to advanced seismic reprocessing that exceededinitial timelines. This reprocessing has revealed further potential,delaying the farm-in process as interested parties await theresults.
Hollandhas presented this to Irish regulators and remains confident inobtaining the extension. Addressing the oil and gas sector'sdownturn and Europa's share price not reflecting recent successes,Holland argues for responsible investment in the industry, citingglobal consumption and Europa's commitment to being a responsiblehydrocarbon custodian. He suggests a shift in investor sentiment assome recognise the need for balanced ESG strategies and beginreinvesting in upstream sectors.
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