Europa Oil&Gas granted drilling permission for Holmwood oil prospect

23rd Sep 2015 16:01

(ShareCast News) - Surrey County Council has granted permission to drill an exploratory borehole at the Holmwood prospect.Europa Oil & Gas holds a 40% interest in the PEDL143 licence in the Weald Basin where the drilling will take place.Other partners in the onshore licence include Egdon Resources (18.4%), Altwood Petroleum (1.6%), Warwick Energy (20%) and UK Oil & Gas Investments (20% subject to the completion of its farm-in).Europa chief executive Hugh Mackay said they are meeting with its joint venture partners and reviewing plans to take the Holmwood prospect forward to drilling."With gross mean un-risked prospective resources of 5.6 million barrels of oil, as estimated in a CPR published in June 2012, Holmwood would be the UK's fifth largest onshore field were the mean resources case to be proved by drilling success."Combined with a one in three chance of success, we therefore regard Holmwood as one of the best undrilled conventional prospects in onshore UK."It is anticipated that drilling will take place in late 2016 or in 2017.