Europa and Upland’s Stakes Equate to 25% Each of the Hardstoft Oil Field, Whose Resources Are Estimated at 18.5 million Barrels of Oil
Europa Oil & Gas Holdings Plc (LON:EOG) confirmed that they’ve reassigned their stake in PEDL299, where the Hardstoft oil field is located. The company bought an extra stake of 16.665% from Shale Petroleum Limited, for which it paid a symbolic £1. Said stake will be divided between the company and Upland Resources, with the latter taking 8.33%, while 8.335% will remain with Europa.
The result is that Europa and Upland will each own 25% of the oil field, while the remainder falls under INEOS ownership. However, it should be noted that INEOS holds PEDL299’s alternative prospectivity in full.
Hugh Mackay, CEO, stated that this interest reassignment should be considered as part of the company’s ongoing management of the licenses in their portfolio. He went on to explain that the 3.34% stake in the Wressle discovery that they recently sold was designed to allow the company to partially monetize their asset base. This approach is helping the company with risk management and their funding needs for oil & gas development and exploration.
Mackay also explained that Hardstoft’s strong consortium of partners will prove to be a powerful developmental foundation. The oil field was first found in 1919 and has, so far, produced 26,000 barrels of oil.
An independent party stated that Hardstoft likely has an estimated resource of 3.1 million barrels of 2C contingent oil and 18.5 million barrels of oil equivalent in more prospective resources.
Modern production techniques are expected to release commercial-level oil flow from the field’s reservoirs.