Europa-led Consortium Garners Two East Irish Sea Blocks

The Directors of Europa Oil & Gas (Holdings) plc announced the award of two blocks in the East Irish Sea in the UK 24th Round to a Europa-led consortium. Europa is to operate the blocks under a Promote license with a 50% interest, the remainder held by UKCS new entrant Magrathean Limited.

Blocks 109/5 and 112/30 are situated some 25km west of the Morecambe Gasfield complex, which held initial reserves of over 6 tcf (1 billion boe). The blocks contain a large undrilled structure, the Ellen Vannin Prospect, covering 75 km2 at intra-Carboniferous levels and supported by potential gas indicators on seismic data. Most-likely Prospective Resources are in excess of 1.5 tcf (340 mmbo in the oil case).

Paul Barrett, Managing Director, said: "We are very pleased to acquire this license. Our approach to the 24th Round was very focused on this clearly defined prospect and Ellen Vannin is a significant addition to the potential high-reward end of our already extensive exploration and production portfolio."

Europa Oil & Gas (Holdings) plc focuses on the production and exploration of hydrocarbons in Europe and North Africa. Europa currently produces 600 barrels of oil equivalent per day from its operations in the UK, Romania and the Ukraine. Operating a balanced portfolio, Europa also has field appraisal and exploration activity on a number of projects in the UK and Romania and a strong new ventures program across Europe and the North African region.

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