Europa Oil & Gas (Holdings) plc announces its Kiln Lane-1 conventional exploration well on Licence PEDL 181 in Northeast Lincolnshire spudded at 7:06 hours on 23rd February 2015. The Company estimates Kiln Lane has mean gross un-risked recoverable resources of 2.9 million barrels of oil. Europa is operator of and has a 50% working interest in PEDL 181, which covers an area of over 540 km2 in the East Midlands Petroleum Province. Egdon Resources and Celtique Energie Petroleum Ltd each have a 25% interest in the Licence.
The planned well will be drilled as a straight hole to a total depth of approximately 2,500 metres. Europa anticipates drilling operations will take 36 days. The Kiln Lane prospect is a robust structural closure defined on 3-D seismic data and the well has been designed to intersect a number of prospective Upper Carboniferous age sandstone reservoirs in a structurally favourable position near the crest of the structure.