The Oil and Gas Authority(OGA) has approved a two-year extension to Europa Oil & Gas for its PEDL 143 licence in the Weald Basin located in Surrey, UK.
The two-year extension will allow the operator to drill a conventional well, which has a one in three chance of success, according to Europa.
Europa chief executive Hugh Mackay said: “The licence extension was necessary to drill the 5.6mmbo Holmwood prospect in late 2016 / H1 2017. We are looking forward to drilling this conventional prospect which we rate as having a one in three chance of success, as we focus on further growing our UK onshore production, which is on track to more than double to in excess of 250 bopd in H2 2016 when the Wressle discovery comes on stream.”
PEDL143 is located in an area of the Weald Basin where 30 million barrels have been produced to date from 14 oil and gas fields. The Holmwood prospect is located 5km to the south of the Brockham oil field, which was discovered by BP in 1987 and today produces oil from Portlandian sandstone reservoirs.
Holmwood is also 12km to the west of the Horse Hill-1 well in PEDL137 where UK Oil & Gas Investments has reported production at a combined average stable rate of over 1,688 bopd from Upper and Lower Kimmeridge Limestone reservoirs and Upper Portland sandstone reservoir during flow tests.
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