Europa Oil & Gas (Holdings) PLC (AIM:EOG) chief executive William Holland speaks to Thomas Warner from Proactive after the exploration and production company published a new competent person's report (CPR) for its 30% owned Wressle project in Lincolnshire.
Holland gives an overview of the report, highlighting a 263% increase in the company's reserves since 2016 - a material boost primarily attributed to the development plan for two new infill wells. This development, both approved and fully funded, marks a shift from contingent resources to reserves, pending necessary permits from the Environmental Agency (EA).
Holland also highlighted the success of the Ashover reservoir at the company's Wressle site, noting a 59% increase over initial estimates, with 600,000 barrels still to be extracted. This achievement underscores the reservoir's robust performance and potential for continued success.
Beyond Wressle, Europa Oil and Gas is focusing on their recent Equatorial Guinea deal, initiating a farm-out process and conducting technical analyses of deeper horizons, which hold promising prospects for additional gas resources.
Regarding upcoming news, Holland indicated potential updates from various areas, including an awaited extension approval in Ireland. While uncertain about the exact timeline due to regulatory processes, he expressed optimism about receiving a response soon, emphasizing ongoing dialogue with the Irish regulator.
