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.
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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Taking control of your business expenses with Wallester
Why Wallester Business is your cost-effective solution to help you take financial control of your business
By MoneyWeek Published
-
Four AI ETFs to buy
Is now a good time to buy AI ETFs? We examine four AI ETFs that investors might want to add to their portfolio
By Dan McEvoy Published