The company behind oil plans at Wressle in Lincolnshire and Leith Hill in Surrey is predicting exciting times ahead.
Releasing half year results, Europa Oil & Gas plc said the Wressle site could nearly double the company’s production totals. Leith Hill, also known as Holmwood and Bury Hill Wood, was “potentially transformational”.
Company chief executive, Hugh Mackay, said today:
“The remainder of 2017 will see Europa participate in high impact development and exploration projects for which our share of the costs is now funded.
“Subject to planning consent being granted, we expect our existing production to almost double to around 220 bopd [barrels of oil equivalent per day] if the Wressle discovery is brought online”.
“We have potential to add further oil production from the greater Wressle area, from success at the Holmwood exploration well in PEDL143 and from rejuvenation of the Hardstoft oil field in PEDL299.”
The Wressle production plans were refused planning permission in January 2017. The partners have said they will appeal and submit a new planning application to address the concerns of councillors in North Lincolnshire.
In Surrey, Mr Mackay said:
“We are carried on [fully funded for – editor] a potentially transformational well targeting the conventional Holmwood prospect, which neighbours the Horse Hill discovery and Brockham oil field in the Weald Basin.”
The Holmwood site has planning permission and Europa is currently negotiating over conditions with Surrey County Council.
The results, for the six months to 31 January 2017, saw a small rise in Europa’s revenue and a reduction in the pre-tax loss. Oil production from the company’s East Midlands fields, at West Firsby, Crosby Warren and Whisby-4, declined in line with expectations, the results said.
15 August 2016
Europa buys Shale Petroleum (UK) Ltd for £1, increasing its stake in PEDL299 and PEDL343
8 September 2016
Field Development Plan for Wressle in Lincolnshire submitted to Oil & Gas Authority
27 September 2016
Europa sells 3.34% interest in PEDL180 and PEDL182 – the licences around the Wressle well in Lincolnshire – to Union Jack Oil for £0.6m (27 September 2016)
24 November 2016
Subject to planning approval, Europa sells 10% interest in PEDL180 and PEDL182 to Upland Resources (UK Onshore) Ltd for £1.85m
11 January 2017
North Lincolnshire Council refuses planning consent for oil production from the Wressle site
6 February 2017
Europa farms out 12.5% of its interest in PEDL143 – the area covering the Holmwood/Leith Hill well – to Angus Energy
7 February 2017
Partners in Wressle oil production scheme announce they intend to appeal against refusal of planning permission and submit a new application to address concerns of councillors
Key figures for six months to 31 January 2017
Revenue £0.8m (Same period 2016: £0.6m)
Pre-tax loss £0.2m (Same period 2016: £0.6m)
Cash balance at 31 January 2017 £1.4m (31 July 2016: £1.7m)
Net assets £4.57m (Same period 2016: £5.9m)
East Midlands production 115boepd (H1 2016: 124 boepd)
PEDL143 – Holmwood, Surrey: UK Oil & Gas Investments plc 30%, Europa 20%, Egdon Resources 18.4%, Angus Energy 12.5%, Warwick Energy 10%, Union Jack Oil 7.5%, Altwood Petroleum 1.6%
PEDL180 – Wressle, North Lincolnshire: Egdon Resources (operator) 25%, Celtique Energie 33.3%, Europa 20%, Union Jack Oil 11.7%, Upland 10% (from Europa subject to planning permission)
PEDL299 – Hardstoft, Derbyshire: Europa 25%, Upland 25%, INEOS (operator) 50%
PEDL343 – Cloughton, Cleveland Basin: Europa 35%, Third Energy 20%, Egdon Resources 17.5%, Arenite 15%, Petrichor Energy 12.5%