The survey area surrounds the Whisby Field, where Europa drilled a farm-in well in 2003. This well has since produced over 200,000 barrels of oil and continues to be an excellent performer with remaining potential for many years of future revenue generation.
By funding the acquisition of this survey, Valhalla Oil & Gas plc earn a 25% interest in PEDL150 and hold an option to earn an additional 25% by funding a further 50% of an exploration well.
Paul Barrett, Managing Director of Europa said, "This survey covers a number of leads and we are confident that at least one of these will develop into a near-term drilling candidate."
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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