Europa bags exploration permit in France

Europa Oil & Gas (Holdings) plc has been informed by the French Government that the exclusive award of the Tarbes - Val d’Adour Permit to Europa will be completed in January 2008. The licence lies in the eastern part of the Aquitaine Basin, the main hydrocarbon producing basin in France.

The permit is situated within the oil producing part of the basin, adjacent to the producing Castera-Lou and Lagrave Fields, with a combined total production to date of 22 million barrels of oil. The licence contains the Jacque and Osmets oil fields, which produced light oil until 1986, when the oil price fell to around $10 per barrel and the fields were shut-in.

The initial flow rate from wells on these fields was up to 700 barrels of oil per day and the conclusion of a preliminary review indicates that the fields contain undeveloped reserves. Europa will conduct a full review of these two fields for possible redevelopment and assess the remaining exploration potential of the licence area.