Europa Oil & Gas Announces Cloughton Gas in Place Update

Europa Oil & Gas (Holdings) plc, the AIM traded UK and Ireland focused oil and gas exploration, development, and production company, is pleased to announce that is has completed a preliminary audit of the gross Cloughton gas in place volumes which has resulted in a Pmean GIIP of 192 BCF and a range as detailed in the following table.

Cloughton: GIIP - BCF
P90: 118
P50: 184
Pmean: 192
P10: 274
Note, it is only statistically correct to sum the Pmean volumes.

The discovery well at PEDL 343 (Cloughton) (in which Europa has a 40% interest) flowed good quality sweet gas at rates of up to 40,000 scf/day on natural flow and the Company believes that that a well could flow at 6 mmscf/day using the correct completion techniques.

Will Holland, Chief Executive Officer of Europa, said:
“Our audit of the subsurface data is progressing well and I am pleased that the in-place volumes are within the range that we were expecting. As previously announced, the technical work continues and we are now looking at a conceptual development plan for the field, which we believe will demonstrate the material potential value of the licence. In parallel with the ongoing subsurface work we are also engaging with the various stakeholders required to obtain the necessary permits and consents needed to drill an appraisal well in order to demonstrate the productivity of the field.

I look forward to further updating shareholders of our progress as we establish a conceptual development plan and progress with the stakeholder engagement.”