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Potentially transformational news for little old EOG.


http://www.investegate.co.uk/Article.aspx?id=20101125070000P36B4

Thursday 25 November, 2010
Europa Oil & Gas (Holdings
Barchiz Test Plans

25th November 2010

Europa Oil & Gas (Holdings) plc

Barchiz Test Programme

The Directors of Europa Oil & Gas (Holdings) plc are pleased to provide an update on drilling results from the Barchiz-1 exploration well in Romania.

The well has now reached a final total depth of 1,450m and is being prepared for testing. Oligocene sandstone reservoirs similar to those seen in the nearby Geamana Field were encountered in the interval between 520 and 580m. These presented live oil shows and the wireline logs calculate potential oil pay of
up to 20m net thickness. The Operator, MND, is recommending two drillstem test intervals: 522.5 - 531m and 548 - 558.5 m.

Paul Barrett, Managing Director, said "Clearly we are extremely encouraged by
this result and look forward to seeing the flow test results in the coming
weeks."

Further information:

Europa Oil & Gas

Paul Barrett / Phil Greenhalgh Tel: +44 1235 553 266

finnCap

Sarah Wharry / Henrik Persson, Corporate Finance Tel: +44 207 220 0567
Joanna Weaving, Corporate Broking Tel: +44 207 600 1658

There are 5 more follow on leads which now, very likely one could say, also have around 20m of net pay in them all as well, maybe more, maybe less.

The P10 for this one net to EOG is over 6 million barrels, however, with the follow on leads there could be anything up to well over 50m barrels net to EOG.

All of it now much more derisked than before, 1 of 6 with oil now derisks the remaining 5 to be drilled next year.

Roll on DST news.

Pretty transformational for a 15m market cap company with UK production and high impact Romanian and French projects to come.

Good news.....30p ?...plus ....perhaps...close to 50p.....with a good flow test...

http://www.proactiveinvestors.co.uk/companies/news/23329/europa-oil-gas-barchiz-1-exploration-well-hits-target-depth-being-prepared-for-testing-23329.html


Europa Oil & Gas (Holdings) PLC (LON:EOG) reported that the Barchiz-1 exploration well in Romania final total depth of 1,450m and is being prepared for testing.

The well encountered oligocene sandstone reservoirs similar to those seen in the nearby Geamana field in the interval between 520 and 580 metres.

These presented live oil shows and the wireline logs calculate potential oil pay of up to 20 metres net thickness.

Managing director Paul Barrett said: "Clearly we are extremely encouraged by this result and look forward to seeing the flow test results in the coming weeks."

The group reported a fortnight ago that the initial results from Barchiz-1, which was spudded on 18 October, were encouraging, giving evidence of an active petroleum system in the area with minor oil shows and mud gas indications encountered between 268 and 275 metres.

The Barchiz prospect is 10 kilometres from, and on trend with, the Geamana oilfield with 50 million barrels of oil (mmbo) reserves. The pre-drill oil-in-place estimate for Barchiz is up to 94 mmbo and there are five additional leads on-block in the same structural play which will be significantly upgraded by success at Barchiz.

Europa said earlier this week that the work-over on West Firsby-6 oil well in Lincolnshire is now complete and it is now back in production, meaning that all five of the companys production wells there are on-stream.

Over 30p with a good flow test........ perhaps over 40p with a good flow test....

Couple of weeks to next news, unless of cause Firsby spuds next week.......

Yes...50p is too much....but later on it might be achieved...

..............The Barchiz prospect is 10 kilometres from, and on trend with, the Geamana oilfield with 50 million barrels of oil (mmbo) reserves. The pre-drill oil-in-place estimate for Barchiz is up to 94 mmbo and there are five additional leads on-block in the same structural play which will be significantly upgraded by success at Barchiz............



So P10 is 94 MMBO of oil in place, take a recovery factor of 40% and you get up to 37 MMBO recoverable.

Then split the 37 MMBO recoverable between the partners.......

For a sub 20m market cap company like EOG its potentially very high impact, as is noted in the header.

As far as I can find out from asking a few people, the formation was found much higher than anticipated, however MNP wanted to go all the way to TD to get the full data set on the geology.

MNP prevented EOG from making any announcement with reference to the find below 664M as they wanted the news suppressed until after TD had been reached.

Thats why no reference was made to having hit the pay early on, until after TD, as EOG are the minor partner and MNP controls the news and EOG have to toe the line.

Bugger eh.... been sat on an oil find for a couple of weeks and we did not know.....

As ever, IMO and DYOR

Oil discovered....this is looking good....

tread carefully .... just picked up on reuters ..... Upper dst on the barchiz-1 well has recovered crude oil * Sample was contaminated, the operator is planning to re-run the dst

Sp...rising rapidly.....not their only asset....

Yes cynic but other then that quite a positive rns,and retesting in next couple of days..

quite possibly .... this is a stock of which i have barely heard ..... just checked it out because of that scally RF trying to ramp it so hard

cynic see who started this thread, nowhere to be found or has he turned into a granny?

hi hali ..... yes indeed; perhaps i have wounded him deeply by merely hinting that he might be somewhat economic with the facts of his prowess ..... so thin-skinned some of these southerners

are you a holder here? ..... it's a bit of a mini-minnow

cynic no too exotic!

Bought a lot of this with profits from XEL....some of them....

you must have been able to buy a controlling interest .... no wonder you're trying to get everyone else on board!

halifax you beat me to it, also thought same about granny. Look back on other threads and you find him talking to himself......first signs..........

This is a very low market cap with prospects.....could easily be worth double the present value.