Europa gets highly encouraging CPR for UK and French assets

Europa Oil & Gas has received a highly encouraging competent person's report for its core assets in the UK and France - and specifically its Bearn des Gaves permit containing the Berenx Deep and Berenx Shallow gas prospects in the Aquitaine Basin.

The report by ERC Equipoise shows a 50.5 MMboe net mean unrisked resource for all audited UK producing/exploration licences and the Berenx Deep discovery in onshore France.

* 277 bcf net mean contingent resource for Berenx Deep gas discovery located close to giant producing gas fields

* 0.65 MMbbl remaining net 2P oil reserves for three UK onshore producing fields - West Firsby, Crosby Warren and Whisby

* 3.7 MMbbl net mean unrisked prospective oil resources for three UK onshore prospects - Broughton, Wressle and Holmwood

Europa chief executive Hugh Mackay said: "I am delighted to have received this independent assessment of Europa's UK and French licences which supports our view that our UK exploration assets, including Wressle, Broughton and Holmwood each have the potential to create significant value for shareholders, while Berenx in France could be the company maker we believe it is.

"At 50.5 MMboe the CPR's estimate of our core recoverable reserves and potential resources provides a solid asset backing to our current market valuation and will also play a key role in our ongoing negotiations with potential partners, specifically regarding our French permits.

"In the meantime, we remain on track to participate in the drilling of the Wressle prospect in the UK later this year which we rate as having a one in three chance of materially adding to our current production of 200 bopd."

Story provided by StockMarketWire.com