The Directors of Europa Oil & Gas announced the award of a six year exploration license in the UK onshore 13th Round, covering a large area in North Lincolnshire. The license will be operated by Europa, with a 50% working interest, the remainder being held by Valhalla Oil & Gas Limited.
The award lies in the Humber Basin which contains significant oil and gas fields, such as Europa's Crosby Warren Oilfield and the large (90 billion cubic feet) Saltfleetby Gasfield. However, historical exploration drilling density in the Basin is remarkably low, with only one well drilled in the awarded license area to date.
The award covers an area of approximately 600km2 (equivalent to 3 UK North Sea blocks) and contains 9 currently identified leads and prospects with a combined mid-range prospective resource of 50 million barrels recoverable.
"This is a significant addition to our existing high quality exploration portfolio, representing a large holding in a proven, yet almost unexplored, petroliferous basin," said Paul Barrett, Managing Director of Europa. "I am especially delighted as this was a rare opportunity to acquire such a large underexplored prospective area in the UK and the award perfectly complements our existing East Midlands portfolio of mainly producing assets."
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