Europa Oil & Gas co-founder Dr Erika Syba resigns

Europa Oil & Gas (LON:EOG) told investors that Dr Erika Syba - the company’s co-founder, operations director and second largest shareholder - has resigned from her position as of the 31st August 2010. "As co-founder of the company with 15 years of service Erika has contributed greatly to the development of Europa”, Europa MD Paul Barrett commented.

“As the joint second largest shareholder, she wishes to see the company achieve a market value that fully recognises its substantial assets." 

The company has a project portfolio spanning each of three stages of the oil and gas spectrum - production, development and exploration.
One of the company’s key growth assets is the Voitinel gas field which is hosted on the EIII-1 Exploration Area of the Brodina Block in Romania.

In June, the partners released the most recent results from the Voitinel-1 well. The partners announced that the ‘1400 Sand’ in the Voitinel-1 well has been perforated and flowed gas at 10,000scf/d (standard cubic feet per day), with no water production. These latest results follow Voitinel-1’s successful fraccing, which led to a 67% improvement in flow-rates.

According to Aurelian, assuming successful fracture stimulation, it may be possible to recover up to 6bcf (billion cubic feet) per well from the 1650 sand, and up to 3bcf per well on the 1400 sand. Also, Aurelian believes that the wider Voitinel/Solca structural trend could have gas-in-place volumes up to 400bcf.

Europa holds a 28.75% interest in the EIII-1 Exploration Area of the Brodina Block, which hosts the  Voitinel/Solca trend, Aurelian Oil & Gas (AIM: AUL) has a 33.75% interest, while Romanian oil and gas company Romgaz SA owns the remaining 37.50%.

The company also has onshore oil producing assets in the UK - the Crosby Warren, Holmwood, West FIrsby, Whisby-4 and PEDL150-Lincoln SW licenses. Europa has an interest in an area in the East Irish Sea, as well as interests in Poland, France and further afield in the Western Sahara region.