Europa Oil & Gas provides update on Holmwood exploration well in PEL 143 in the Weald Basin

Europa Oil & Gas has been notified by the Head of Estates at the Forestry Commission that the Minister for the Environment, Food and Rural Affairs, has decided not to renew the lease at Bury Hill Wood, Coldharbour Lane, Surrey.  

Bury Hill Wood is the proposed site for a temporary exploration well to test the conventional Holmwood prospect on licence PEDL 143 in the Weald Basin, Surrey.

The lease expires on the 12^th September 2018.

Following the Minister’s decision, the company, on behalf of its partners, will be withdrawing its planning application to drill the Holmwood prospect from the Bury Hill Wood site.

PEDL 143 has recently been extended until the 30^th September 2020, and in addition to the established Portland sandstone reservoir, contains the Kimmeridge Limestone which, following success at the nearby Horse Hill discovery, is an emerging play in the Weald Basin.

The company, with its partners, intends to undertake a full evaluation of alternative sites from which to target the Holmwood prospect, and other plays in the licence.  Europa Oil & Gas is operator of PEDL 143 with a 20% interest.

Europa’s CEO, Hugh Mackay, commented:  “The Minister’s decision not to renew the lease at Bury Hill Wood is disappointing, however, we intend to continue to work closely with our partners to determine how best to take the licence forward.  As well as PEDL143, Europa holds a multistage portfolio of licences which includes production and appraisal projects onshore UK and an industry leading licence position in the Irish Atlantic Margin.

“Various work streams are underway across our asset base to advance all our licences and in the process expose our shareholders to high impact drilling activity. With this in mind, I look forward to providing further updates on our progress.”

Commenting on the decision, David Bramhill, Executive Chairman of JV partner Union Jack Oil, said: “The potential consequences of the Minister’s decision are minimal for Union Jack as it holds a balanced portfolio of ten attractive onshore licence interests in the UK, including producing assets at Keddington and Fiskerton, a development project at Wressle and a planned well at Biscathorpe to be drilled during October/November 2018.”

Source: Energy-pedia