Europa Oil & Gas farms out Holmwood prospect in Weald basin, UK

Europa Oil & Gas has announced that is wholly owned subsidiary has signed a farmout agreement (FOA)—in relation to a 12.5% interest in the PEDL143 licence, in the Weald basin—with a wholly owned subsidiary of Angus Energy. Europa will retain a 20% interest in the licence, where a well targeting the 5.6 mmbo conventional Holmwood prospect is anticipated to be drilled in 2017. Holmwood lies 5 km to the south of the Angus-operated Brockham oil field, and 12 km to the west of the Horse Hill-1 well, in PEDL137.

PEDL143 is in an area of the Weald basin where 14 oil and gas fields have been found, and an estimate 50 MMbbl of oil discovered, of which 30 MMbbl have been produced, to date. Subject to approval of the farmout from the Oil & Gas Authority, Europa will retain a 20% interest in and operatorship of PEDL143, alongside Egdon Resources (18.4%), Altwood Petroleum (1.6%), Warwick Energy (10%), UKOG (30%), UJO (7.5%), and Angus (12.5%).