Europa Oil & Gas (Holdings) Plc Extension of Agreement to Sell Interest in Wressle

 
TIDMEOG 
 
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 
 
21 February 2017 
 
          Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company') 
 
       Extension of Agreement to Sell Interest in Wressle Oil Discovery 
 
Europa Oil & Gas (Holdings) plc, the UK and Ireland focussed exploration, 
development and production company, is pleased to announce an extension to the 
Sale and Purchase Agreement ('SPA') signed between its wholly owned subsidiary 
and Upland Resources (UK Onshore) Limited ('Upland') in relation to a 10% 
interest in Europa's PEDL180 and PEDL182 ('the Licences') in North 
Lincolnshire. 
 
Europa currently has a 30% working interest in the Licences, which include the 
Wressle discovery and the Broughton North prospect, alongside Egdon Resources 
(operator, 25%), Celtique Energie Petroleum Ltd (33.33%), and Union Jack Oil 
(11.67%), (together "the Joint Venture partners").  Completion of the SPA would 
result in Europa retaining a 20% interest in the Licences. 
 
As set out in the Company's announcement of 24 November 2016, completion of the 
SPA is conditional upon, inter alia, approval from the Oil & Gas Authority and 
approval of the Wressle Field Development Plan.  On 7 February 2017, the 
Company announced the decision by the Joint Venture partners to appeal against 
the refusal by North Lincolnshire Council to grant planning consent for the 
development of Wressle and to file a new planning application which will 
include more detailed information covering the specific concerns outlined by 
the Council's planning committee.  To allow sufficient time for the appeal and 
application processes to be completed, Upland has agreed to an extension of the 
'long stop' date by which the conditions of the SPA are to be satisfied to 30 
September 2017.  The previous 'long stop' date had been fixed at 31 March 
2017. 
 
On satisfaction of the conditions, the sale to Upland of a 10% interest in the 
Licences is to be effected by way of an assignment from Europa.  As part of the 
consideration due to Europa on completion of the SPA, the Company is to be 
issued with 23,076,923 new ordinary shares in Upland ('the Initial 
Consideration Shares').  The remainder of the initial consideration is to be 
settled in cash.  Following the extension of the 'long stop' date to 1 
September 2017, Europa has agreed not to dispose of any of the Initial 
Consideration Shares before 1 September 2018.  This is subject to certain 
limited exceptions. 
 
                                 * * ENDS * * 
 
For further information please visit www.europaoil.com or contact: 
 
Hugh Mackay       Europa                        + 44 (0) 20 7224 
                                                3770 
 
Phil Greenhalgh   Europa                        + 44 (0) 20 7224 
                                                3770 
 
Matt Goode        finnCap Ltd                   + 44 (0) 20 7220 
                                                0500 
 
Simon Hicks       finnCap Ltd                   + 44 (0) 20 7220 
                                                0500 
 
Frank Buhagiar    St Brides Partners Ltd        + 44 (0) 20 7236 
                                                1177 
 
Susie Geliher     St Brides Partners Ltd        + 44 (0) 20 7236 
                                                1177 
 
Notes 
 
Europa Oil & Gas (Holdings) plc 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.  In 2016 Europa produced 123 boepd.  Its 
highly prospective exploration projects include the Wressle development in the 
UK and seven licences offshore Ireland with the potential to host gross mean 
un-risked prospective and indicative resources of more than 4 billion barrels 
oil equivalent and 1.5 tcf gas across all seven licences. 
 
Qualified Person Review 
 
This release has been reviewed by Hugh Mackay, Chief Executive of Europa, who 
is a petroleum geologist with 30 years' experience in petroleum exploration and 
a member of the Petroleum Exploration Society of Great Britain, American 
Association of Petroleum Geologists and Fellow of the Geological Society. Mr 
Mackay has consented to the inclusion of the technical information in this 
release in the form and context in which it appears. 
 
 
 
END 
 

(END) Dow Jones Newswires

February 21, 2017 09:05 ET (14:05 GMT)