Europa Oil & Gas (Holdings) PLC (AIM:EOG) chief executive William Holland speaks to Thomas Warner from Proactive London after the exploration and production company announced the restart of production at the Wressle-1 well following the installation of a downhole jet pump.
Holland acknowledges that the return to production took longer than he'd hoped, attributing the delay in part to long lead items. He emphasises that the well's output surpassed expectations during a six-hour average rate and reached even higher peaks. As the well stabilises, Holland assures that production details will be forthcoming.
Additionally, he says that Europa is seeking an extension of its license for the Inishkea West Project due to advanced seismic reprocessing that exceeded initial timelines. This reprocessing has revealed further potential, delaying the farm-in process as interested parties await the results.
Holland has presented this to Irish regulators and remains confident in obtaining the extension. Addressing the oil and gas sector's downturn and Europa's share price not reflecting recent successes, Holland argues for responsible investment in the industry, citing global consumption and Europa's commitment to being a responsible hydrocarbon custodian. He suggests a shift in investor sentiment as some recognise the need for balanced ESG strategies and begin reinvesting in upstream sectors.
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