Berenx Deep Could Be "Company Maker" for Europa

UK junior Europa Oil & Gas has said that a massive discovery in France could be a "company maker" if operations are successful there.

In a statement released today, the company identified massive potential in the Berenx Deep and the Berenx Shallow gas prospects in the Bearn des Gaves licence in the Aquitaine Basin in France. Europa is the 100 per cent stakeholder in the licence.

A Competent Person's Report (CPR), conducted by ERC Equipoise Limited, into resources in the licence has identified 50.5 million barrels of oil equivalent net mean unrisked resource in the Berenx Deep prospect. The report also identifies 227 billion cubic feet of net mean contingent resources in the prospect, located close to already producing gas fields.

The report also identifies favourable resources in the UK, though to a lesser extent, for the company, with 0.65 million barrels of 2p oil fields across three fields, with 3.7 million barrels of mean unrisked oil resources across three more fields.

CEO of Europa Hugh McKay said the report, specifically the gas prospects in the Aquitane Basin, could be a major advantage for the company.

"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," he said.

"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."