The Hykeham prospect is a robust four-way dip-closed structure at Namurian Basal Sandstone level, the reservoir in the nearby Whisby oilfield where Europa Oil & Gas has a producing interest. Additional potential exists in the overlying Westphalian channel sands play, demonstrated by the thick Loxley Edge oil pay in Whisby-4 and this will also be tested by the Hykeham-1 well.
Europa Oil & Gas will drill this well with its full 75% equity following Valhalla Oil and Gas AS’ decision not to exercise their option to increase their working interest to 50%.
Paul Barrett, managing director of Europa Oil & Gas said “The opportunity has arisen to drill Hykeham with BDF28 earlier than expected. This is the lowest risk of the prospects in our portfolio and as such we are comfortable proceeding with a 75% working interest. Success will translate to a significant increase in group reserves and go straight to the bottom line in terms of production revenues. We look forward to drilling the well and announcing the results in time for Christmas.”
