Europa Oil & Gas commences seismic acquisition at PEDL 181 licence

AIM-listed Europa Oil & Gas has commenced 2D seismic acquisition on the PEDL 181 licence in East Lincolnshire, an operational update from the company has shown.

The group reported that several prospects or leads had been confirmed on PEDL 181 following technical evaluation. It said that four leads reported in the southern part of the licence with reservoirs of Carboniferous age would be the focus of immediate further work.

Three leads were found to lie within the North East trending Caistor anticline and one lead, named Cuxwold, was located to the south of the Caistor anticline trend.

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Hugh Mackay, Chief Executive Officer of Europa Oil & Gas, commented: "The identification of four leads on PEDL 181, which is located next to the PEDL 180 and 182 licences, where we are due to drill an exploration well this year, and our producing oil field at Crosby Warren, is highly encouraging.

He added: "The results of the 2D seismic acquisition programme, alongside the interpretation of the reprocessed existing 3D datasets, will further define the prospectivity of the PEDL 181 licence and determine our future work programme."

Europa Oil & Gas' Share price was unchanged at 9.62p at 08:00 on Tuesday.

MF