Seismic Acquisition Programs
Seismic acquisition in the Bacau Concession (EIII-4) commenced on March 27th. The program is designed to mature two leads identified on an earlier survey for drilling in late 2006 or early 2007. The survey crew will move onto a similar survey on the Cuejdui Concession (EIII-3) later in April and then on to acquire a major survey south of Europa's Bilca-Fratauti development in the Brodina Concession (EIII-1).
Work progresses on the Bilca-Fratauti Development. The Operator, Aurelian Oil & Gas, has informed the group that the current estimate for production start-up is late July 2006. This development will significantly increase Europa's production levels during the second part of 2006.
Europa and its Czech co-venturer, MND, are in the advanced stages of negotiating the terms of an extension to the Brates Concession (EPI-3) of up to three years. The work program will provide for the appraisal of the Burdigalian gas sands encountered in the Costisa-1 well and further evaluation of exploration potential of the remainder of the concession area.
Europa has begun, with the services of Aberdeen-based Peak Group, to plan the drilling of 41/24-D, a gas condensate appraisal well anticipated to be drilled in mid-2007. Peak brings a highly competent engineering team to the project. Europa is planning to utilize underbalanced drilling technology to drill a 500m reservoir section which will be tested and potentially retained as a future producer.
The seismic reprocessing on PEDL150, the exploration acreage surrounding the Whisby Field, Lincolnshire, is almost complete. The results to date show a dramatic improvement in data quality and prospectivity. Under the terms of the farm-out with Valhalla Oil & Gas, prospect-specific seismic acquisition will be undertaken if necessary prior to selecting a drilling location.
Planning work continues on the Holmwood prospect in PEDL143, Surrey. Europa is taking a deliberately cautious approach to this project, fine-tuning site selection and environmental issues prior to a formal submission in the next few weeks.
Europa was part of a delegation visiting Western Sahara, where its two Concession agreements, signed in London on 16 March, were ratified by the Government on 27 March. A reconnaissance of Europa's Bir Lehlou Block, on the Algerian border, indicated the potential for undertaking geological fieldwork in the liberated area perhaps as early as late 2006.
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