Europa Oil & Gas (Holdings) plc has relinquished part of PEDL 181 in the East Midlands Petroleum Province after entering the second term of the asset, which runs until June 30, 2019.
The company has renounced all but a 61 square mile area in the southeast segment of the license in Northeast Lincolnshire, following analysis of seismic and geological data together with the results of the Kiln Lane well drilled in 2015. The retained area provides exposure to the conventional and unconventional hydrocarbon potential of the Humber Basin, said Europa in a company statement.
“Our onshore UK portfolio is focused on conventional oil and gas but this retained area in PEDL 181 provides us with a ringside seat while we wait for the shale pioneers to demonstrate the technical and commercial viability of unconventional hydrocarbons in the UK,” said Europa CEO Hugh Mackay in a company statement.
Europa is operator and has a 50 percent interest in PEDL 181 alongside its joint venture partners, Egdon Resources (25 percent) and Celtique Energie Petroleum Ltd (25 percent).
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