On 16 April 2019 United Oil & Gas (UKOG) announced it has agreed to acquire Europaâs and Union Jackâs 20% and 7.5% interest respectively in licence PEDL 143 which contains the Holmwood prospect. UKOG will also acquire operatorship from Europa as previously announced on 14 March 2019. The deal follows UKOGâs company strategy in acquiring a majority interest in key operated assets, in the same Portland and Kimmeridge reservoir objectives that are present in the companyâs Horse Hill oil field. UKOG will pay a total consideration of GBP 300,000 for Europaâs 20% interest. Europa stated that the sale is in line with its strategy of focussing on the companyâs high impact portfolio in Atlantic Ireland, producing assets in the UK and pursuit of new ventures in Ireland, North Africa and North West Europe. The aggregate purchase price agreed between UKOG and Union Jack is GBP 112,500. Union Jack stated that the sale of its interest will allow the company to focus on its assets in the East Midlands, Humber Basin and East Yorkshire. The deals and transfer of operatorship are subject to approval by the Oil and Gas Authority.   In September 2018 Europa announced that the Head of Estates at the Forestry Commission informed Europa that the Minister for Environment, Food and Rural Affairs decided not to renew the lease at the Holmwood exploration well site. Europa decided not to reapply for planning permission at this location. With PEDL 143 valid until 30 September 2020, UKOG and partners are investigating alternative sites from which to drill Holmwood and other Kimmeridge prospects.   The Holmwood prospect is located near the northern margin of the Weald Basin and is defined as a faulted hanging wall anticline south of a northern bounding fault. Prospective reservoir intervals consist of the Portland Sandstone and Corallian Sandstone Formations with the Purbeck and Kimmeridge Clay forming seals. The source rock is interpreted to likely be Lower Jurassic which reached maturity prior to the Tertiary inversion of the Wealden Basin. It is believed that the Kimmeridge Clay did not enter the oil window in the area. Gross mean unrisked prospective resources of 5.6 MMbbl were estimated in a CPR published by Europa in June 2012.     Following completion of the deals and transfer of operatorship, interest in the licence will be held by UK Oil and Gas Investments Plc (67.5% + operator), Egdon Resources U.K Limited (18.4%), Angus Energy Ltd (12.5%), and Altwood Petroleum Limited (1.6%).
United Kingdom, Europa