Europa Oil & Gas (Holdings) plc has been granted a two year extension to the PEDL 143 License in the Weald Basin, Surrey, UK, by the Oil & Gas Authority.
This will enable Europa to drill the conventional Holmwood prospect between late 2016 and the first half of 2017, according to the company. The Holmwood prospect has estimated gross mean unrisked prospective resources of 5.6 million barrels of oil in Portlandian and Corallian sandstones and a P90 – P10 range of resources of between 1 and 11 million barrels of oil.
PEDL 143 is located in an area of the Weald Basin where 30 million barrels have been produced to date from 14 oil and gas fields. Planning permission is in place for a deviated exploration well to be drilled at Holmwood which will penetrate similar stratigraphy to Horse Hill, targeting oil in Upper and Lower Kimmeridge Limestones in addition to Corallian and Portlandian sandstones.
“The license extension was necessary to drill the 5.6 million barrels of oil Holmwood prospect in late 2016/H1 2017,” said Europa CEO Hugh Mackay in a company statement.
“We are looking forward to drilling this conventional prospect which we rate as having a one in three chance of success, as we focus on further growing our UK onshore production, which is on track to more than double to in excess of 250 bopd in H2 2016 when the Wressle discovery comes on stream.”
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