Europa Oil & Gas kicks off drilling on Hykeham-1 exploration well
13 November 2009
Europa Oil & Gas, the AIM listed exploration and production group, has begun drilling the main section of its Hykeham-1 exploration well, situated on the PEDL150 licence near Lincoln, onshore UK.
The well is testing the potential for up to 20 million barrels of oil in place in two target horizons and is scheduled to reach its 1,000m target depth by early December.
Paul Barrett, Europa’s managing director, said: “We regard the East Midlands as a key core area for Europa due to a combination of technical and commercial positives. Success at Hykeham will create a step change for the company and be a driver for both further potential reserves growth and stronger profits in 2010.”
Hykeham is a low risk prospect situated in the main producing fairway of the East Midlands Petroleum Province. It is one of several leads and prospects identified on the PEDL150 licence each with similar risk/reward profiles.
Success at Hykeham would significantly increase Europa's oil production levels and more than double the group’s 2P reserves. Across the East Midlands Petroleum Province, Europa has a significant high quality exploration holding of over 100,000 net acres containing 12 identified leads and prospects with gross unrisked potential for over 350 million barrels of oil in place.
The East Midlands remains relatively underexplored, with a low exploration drilling density despite the cumulative production of 75 million barrels of oil to date.
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