EGN - Europa Oil & Gas starts 2024 with a bang
(NewsDirect)
Europa Oil & Gas (Holdings) PLC(AIM:EOG) chief executive William Holland speaks to Thomas Warner fromProactive after the exploration and production company published a newcompetent person's report (CPR) for its 30% owned Wressle projectin Lincolnshire.
Holland gives anoverview of the report, highlighting a 263% increase in thecompany's reserves since 2016 - a material boost primarilyattributed to the development plan for two new infill wells. Thisdevelopment, both approved and fully funded, marks a shift fromcontingent resources to reserves, pending necessary permits from theEnvironmental Agency (EA).
Hollandalso highlighted the success of the Ashover reservoir at thecompany's Wressle site, noting a 59% increase over initialestimates, with 600,000 barrels still to be extracted. Thisachievement underscores the reservoir's robust performance andpotential for continued success.
Beyond Wressle, Europa Oil and Gas is focusing on their recentEquatorial Guinea deal, initiating a farm-out process and conductingtechnical analyses of deeper horizons, which hold promising prospectsfor additional gas resources.
Regarding upcoming news, Hollandindicated potential updates from various areas, including an awaitedextension approval in Ireland. While uncertain about the exacttimeline due to regulatory processes, he expressed optimism aboutreceiving a response soon, emphasizing ongoing dialogue with the Irishregulator.
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