Europa Oil and Gas provides operations update ahead of AGM
28 Jan 2021
Europa Oil & Gas, the UK, Ireland and Morocco focused oil and gas exploration, development and production company held its
Annual General Meeting ('AGM') on Jan 28th. At the meeting, Brian O'Cathain, Chairman of Europa, made the following statement:
'In last year's AGM Statement, Simon Oddie set out how, subject to receipt of planning permission, the development of the Wressle oil field in North Lincolnshire promised to more than double Europa's existing production to over 200bopd. One year on and Wressle is on course to do just that. With planning permission granted and with operations at the site underway, the field is forecast to be brought online at an estimated initial gross rate of 500bopd shortly. Importantly, following a stress testing exercise of the field's economics in response to the lower oil price environment, production at Wressle, which has a breakeven oil price of below US$18 per barrel, will be highly profitable at today's US$50 plus per barrel level. Wressle is set to transform Europa's financial as well as its production profile.