Mining, Oil & Gas News & Blog

With the acquisition come Shale’s equity interests in the PEDL299 and PEDL343 exploration licences awarded in the 14th UK Landward licensing round, thus doubling Europa’s stakes in those licences to 33.32% and 45.0% respectively.

Shale’s parent company has changed strategy in the wake of the precipitous decline in the oil price, and decided to remain focused on North America, where the company is domiciled, which is how Europa came to pick up the stakes so cheaply.

For Europa, the strategy is different. “We have an established exploration and production business here in the UK,” McKay told Proactive Investors. “For us, in times of capital constraint we prefer to focus on areas where we have expertise and a position,” McKay said.

“We already know there is gas ‘on structure’ [onPEDL343]; the question is: can we flow at a commercial rate?” McKay said. As for PEDL299, this was discovered in 1919 in the first ever exploration well in the UK, and the plan here is to use modern techniques to see if the company can achieve a commercial oil flow rate.

Europa will now have a 33.32% interest in the INEOS operated PEDL299 (up from 16.66%) which includes the Hardstoft oil field, meanwhile its stake in the Third Energy operated PEDL343 where the focus is the appraisal of the Cloughton gas discovery increases to 45% (from 22.5%).

“We are pleased to increase our equity in two 14th round licences and provide our investors with exposure to two high quality and low risk projects,” said Hugh Mackay, Europa chief executive.

“The Hardstoft oil field in the East Midlands Petroleum Province was discovered in 1919 by the UK’s first ever exploration well.”

“A competent person’s report on Hardstoft, issued by joint venture partner Upland Resources, identified gross 2C contingent resources of 3.1 million barrels oil (mmbo) and gross 3C contingent resources of 18.5 mmbo in PEDL299. PEDL343 is in the Cleveland basin and contains the Cloughton gas discovery made in 1986 and tested gas to surface from Carboniferous sandstone reservoir.”

Mackay added: “We are excited by the possibility of producing commercial quantities of gas from this reservoir interval.”

Posted in: Oil and Gas

Post Rating


There are currently no comments, be the first to post one!

Post Comment

Only registered users may post comments.
Twitter Feeds
Latest News
Highlands Natural Resources Core Projects by Salar Golestanian
Independent assessments of the group’s three main assets is revealed
Golden Saint indicates encouraging Rock Forage preliminary estimates by
Rock Forage develop the alluvial exploration targets at the Tongo and Baja licences in Sierra Leone into inferred resources.
Bezant Resources explores the potential of Choco project by Salar Golestanian
Bezant Resources plc is to commission an independent scoping study at the Choco gold-platinum project in Colombia.
SDX Energy boss hails a $30mln Circle Oil asset acquisition by Salar Golestanian
The deal will see SDX increase net production by almost 250% to 4,705 barrels oil equivalent per day
Redeveloping the Monty Zinc deposit by Salar Golestanian
The project is all there ready to go with infrastructure in place

No Investment Advice

At we offer "No investment advice" in our articles and news related section.

You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

You understand that we may be providing advertising and/or marketing services to companies mentioned on the site. A full list of companies that are paying for services from us, or our affiliated companies in the UK and Australia can be provided on request here.

Sign up for our newsletter

Make sure you dont miss interesting happenings by joining our newsletter program.



We're on Social Networks. Follow us & get in touch.


Please use the form below to contact us and a member of our team will reply or call you if requested within 24 hours.

Please Register to be contacted for latest offers