Europa Awarded Drilling Permit to Major Oil-Producing Fields in France
Europa Oil & Gas has received, from the French government, the exclusive award of the Tarbes - Val d'Adour Permit to Europa will be completed in January 2008. The license lies in the eastern part of the Aquitaine basin, the main hydrocarbon producing basin in France.
The permit is situated within the oil producing part of the basin, adjacent to the producing Castera-Lou and Lagrave Fields, with a combined total production to date of 22 million barrels of oil. The license contains the Jacque and Osmets oil fields, which produced light oil until 1986, when the oil price fell to around $10 per barrel and the fields were shut-in.
The initial flow rate from wells on these fields was up to 700 barrels of oil per day and the conclusion of a preliminary review indicates that the fields contain undeveloped reserves. Europa will conduct a full review of these two fields for possible redevelopment and assess the remaining exploration potential of the license area.
Paul Barrett, Managing Director, said, "This permit, containing potential oilfield redevelopment candidates, is a perfect complement to our existing exploration license in the Aquitaine Basin, the Béarn des Gaves permit, where the hydrocarbon play is for large gas accumulations. Given the current oil price, we feel the Aquitaine Basin has significant potential for a commercial renaissance and Europa has now secured a very attractive acreage position in the basin."
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