News

March 09, 2010

Drillbit Success Creates Opportunities For Europa Oil & Gas In The UK And Romania

Europa Oil & Gas, which is due to present at Thursday’s oilbarrel.com conference in London, has taken steps to refocus its portfolio on Europe, where recent months have delivered drilling successes in two of its three core areas. In December 2009 the AIM company decided to withdraw from the West Darag exploration licence in Egypt in order to focus on its projects in the UK, Romania and France. The move came after the company had success with the Voitinel gas discovery in Romania and the Hykeham-1 well in the UK.

Romania looks very promising, with Aurelian Oil & Gas, the operator of the Brodina Block in the north of the country, recently upgrading gas-in-place estimates on the block from 50-100 bcf to 400 bcf.  This could prove valuable as Europa has a fairly meaty 28.75 per cent stake in an onshore project in the heart of gas-hungry Europe. The upgrade followed additional information from Romgaz, which showed that the gas tested at Voitinel-1 extends at least 20 km along a southeast trend to...