Operations in France

In March 2007, Europa was granted the Bearn des Gaves Permit, in the Aquitaine Basin of Southwest France. The licence has a progressive work programme of seismic reprocessing, new seismic acquisition and drilling.

The licence lies immediately west of the Lacq and Meillon Gasfields, which contain combined estimated initial recoverable gas reserves of 12 trillion cubic feet. The main exploration potential in the Béarn des Gaves licence is the continuation of this hydrocarbon play under the Pyrenean Thrust Zone. Previous exploration has confirmed commercial gas beneath this thrust zone 20km to the south, with the Saucede and Ledeuix gasfields (in production 1981-1997). Modern exploration methods will greatly improve the chances of finding larger hydrocarbon traps under the thrust zone to the west of Lacq.

In January 2008, the Tarbes - Val d’Adour permit (Europa 100%) was awarded. This permit contains the shut-in oilflelds of Osmets and Jacque, which were producing light oil until early 1986, when the oil price dropped to c.$10/bbl. They are prime candidates for redevelopment, notably Osmets-2, which contains undeveloped light oil pay.

Europa has reprocessed extensive vintage 2D seismic datasets over both concessions and expects to acquire new, prospect-specific, 2D data in 2010 to support a subsequent drilling programme.

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