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Reconfiguration works at Wressle oilfield completed

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Oilfield Technology,

Europa Oil & Gas has provided an update on the development of the Wressle oilfield in North Lincolnshire, UK. Wressle lies on licences PEDL180 & 182, in which Europa holds a 30% working interest alongside Egdon Resources (30% and operator), and Union Jack Oil (40%).

Reconfiguration works at the Wressle site have now been completed and surface facilities are currently being installed. To date, the storage tanks and inspection gantry have been installed while work is advanced in respect of the electrical and control system installation. Delivery of all remaining equipment is expected to be completed during December, despite the challenges posed by the impact of COVID-19 restrictions on the current supply chain operating environment. All works have been completed safely in line with the operator’s “COVID secure” operating procedures.

In order to eliminate any possible operating and supply chain issues associated with the December festive period shutdown, the partners in the Wressle development have elected to defer the workover operations and final commissioning of the oilfield until January 2021. In line with this, mobilisation of the workover rig will now take place immediately in the New Year, with the workover being completed and initial oil flows now anticipated during late January 2021.

Under the development plan, Wressle is expected to commence production at an initial gross rate of 500 bpd, which would more than double Europa’s existing UK onshore production to over 200 bpd. With an estimated breakeven oil price of US$17.62/bbl, production at Wressle is expected to be very profitable at current oil prices of over US$45/bbl.

During testing at Wressle, a total of 710 boe/d were recovered from three separate reservoirs: the Ashover Grit; the Wingfield Flags; and the Penistone Flags. In September 2016, a Competent Person’s Report (‘CPR’) provided independent estimates of reserves and contingent and prospective oil and gas resources for the Wressle discovery of 2.15 million stock tank barrels classified as discovered (2P+2C). Further development of the Wressle field, including producing additional reserves existing in the Penistone Flags formation, is expected in the future. The CPR assigned a geological chance of success of 49% for the Penistone Flags and 40% for the Ashover Grit.

In addition, the Licences hold Broughton North, a low risk exploration prospect lying on the footwall side of a fault, adjacent to the historic Broughton-B1 discovery made by BP in 1984 which the CPR assigned gross mean un-risked prospective resources of 0.6 million boe.

Simon Oddie, CEO of Europa, said: “Much work has been and continues to be carried out to prepare the Wressle site for production, despite the challenges posed by COVID-19 and the associated lockdowns. This ongoing activity will enable workover operations to commence as soon as the rig is mobilised to the site following the festive break. We are evaluating the effect of the new schedule on our cashflow and are examining financing options to cover any potential shortfall. Importantly, with first oil targeted by end of January 2021, oil prices rallying strongly towards the US$50 per barrel level, and a low breakeven oil price of US$17.62 per barrel, production at Wressle, which will more than double Europa’s net production to over 200 bpd, will not only transform our financial profile in the near term but it will also be highly profitable.

“Our objective is to expose our shareholders to significant value creating opportunities while minimising risk. Our exploration projects, which include our industry leading position in the proven gas play of the Slyne Basin offshore Ireland and the large Inzegane permit offshore Morocco where initial work has identified 30 targets that could hold up to 10 billion barrels of oil, provide significant value creating opportunities. Our UK onshore production provides a low risk cash flow generative platform with which to pursue higher reward opportunities. Production at Wressle will dramatically scale up this low risk platform and with this in mind I look forward to providing further updates on our progress.”

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