Europa Oil & Gas says that following the acquisition of Shale Petroleum (UK) Limited (SPL) for a nominal consideration of £1 it is assigning SPLs 16.665% interest in PEDL299, a UK onshore licence located in the East Midlands, as follows:
- 8.335% assigned to Europa Oil & Gas Limited
- 8.33% assigned to Upland Resources (UK Onshore) Limited
Following the assignments, which are subject to regulatory approval, the interests in the conventional prospectivity on PEDL 299 will be as follows:
- INEOS (50% operator)
- Europa Oil & Gas Limited 25%
- Upland 25%
- Unconventional prospectivity on PEDL299 is 100% INEOS.
PEDL299 contains the Hardstoft oil field which was discovered in 1919 by the UKs first ever exploration well. This produced 26,000 barrels of oil from a Carboniferous limestone reservoir.
A CPR on Hardstoft, issued by joint venture partner Upland Resources, identified gross 2C contingent resources of 3.1 million boe and gross 3C contingent resources of 18.5 million boe in PEDL299.
Production testing methodologies for carbonate reservoirs have evolved since 1919 and the Company believes these could allow commercial oil flowrates to be achieved at Hardstoft.
At 4:25pm: (LON:EOG) Europa Oil Gas Holdings PLC share price was 0p at 4.75p