Junior explorer Europa Oil & Gas reported Monday that the UK Department of Energy and Climate Change has extended phase one of the onshore PEDL 181 license by a year to June 30, 2015.
Europa said that this will enable it to drill the 2.9 million-barrel Kiln Lane-1 prospect on the license during the second half of 2014. Europa holds a 50-percent interest in the license, which is located in the East Midlands region of England, and is its operator.
Europa CEO Hugh Mackay commented in a company statement:
"Thanks to this license extension and our recent placing, Europa is funded to drill two onshore UK prospects in 2014 with combined gross prospective resources of 5 million barrels of oil and each with a one-in-three chance of success. We are particularly excited about Kiln Lane-1. Not only does it have a highly prospective address near to previous discoveries and existing production, but it is also a potential playmaker which, in the event of success, would substantially de-risk a number of additional leads and prospects we have identified on the license over the last 18 months.
"With well planning and permitting already underway, we intend to drill Kiln Lane-1 in H2 2014. Ahead of Kiln Lane, Europa will be participating with a 33-percent interest in the drilling of the Wressle prospect in the East Midlands Petroleum Province where the operator, Egdon Resources, expects to commence operations in Q1 2014.
"Combined with expected news flow at our projects in onshore France, where we recently launched a farm-out and commenced well permitting, and offshore Ireland, where interpretation of the 3D seismic recently acquired by the operator Kosmos Energy may lead to a decision in summer 2014 to drill a well as early as 2015, the year ahead promises to be a highly exciting one for Europa."
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