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Europa Oil & Gas expects West Firsby 7 well back online early 2012 after brief suspension

Last updated: 10:20 16 Dec 2011 EST, First published: 11:20 16 Dec 2011 EST

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Europa Oil & Gas (LON:EOG) has suspended production at the West Firsby 7 well in the East Midlands, UK, but has taken action and expects the well to be back in production early in the New Year.

The group told investors that the well has been shut in due to a suspected hole in a section of the tubing.

A workover programme is being submitted to the Health & Safety Executive for approval and a rig has already been booked to carry out the necessary repairs.  There is no evidence of any leakage of oil at the site and the company anticipates that West Firsby 7 will be back in production early in the New Year.

Prior to the shutdown, the average daily production had been running at approximately 200 barrels of oil per day (bopd). As a result of the temporary shutdown of West Firsby 7, daily production is now running at 130 bopd.

Assuming the workover programme is completed on schedule, Europa expects daily production for the six months to January 31 2012 to average 185-190 bopd.

Chief executive Hugh Mackay said: "I am confident that the swift action we are taking to resolve the issue will limit the overall impact of the shutdown on our first half's production levels.

“In the meantime, we are continuing with our strategy of progressing our high quality exploration portfolio through the development cycle and I look forward to reporting significant progress in this regard to the market in the New Year."

Europa has a diversified portfolio of multi-stage hydrocarbon assets that includes production, exploration and development interests, in countries that are politically stable, have transparent licensing processes, and offer attractive terms.

The company generates sufficient revenues from UK production to cover corporate overheads.

In addition, it has highly prospective exploration projects in the UK, Ireland, France and Romania, the most significant asset being the 1.7 trillion cubic feet, US$2.2 billion Berenx gas appraisal project in onshore France.

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