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EOG Europa Oil & Gas (holdings) Plc

1.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Europa Oil & Gas (holdings) Plc LSE:EOG London Ordinary Share GB00B03CJS30 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1.00 0.95 1.05 1.00 1.00 1.00 2,396,065 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Oil And Gas Field Expl Svcs 6.65M -852k -0.0009 -11.11 9.57M

Europa Oil & Gas (Holdings) Plc 1 Year Extension to Offshore Morocco Licence

21/10/2020 7:00am

UK Regulatory


 
TIDMEOG 
 
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 
 
          Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company') 
 
           One Year Extension to Inezgane Licence, Offshore Morocco 
 
Europa Oil & Gas (Holdings) plc, the UK, Ireland and Morocco focused oil and 
gas exploration, development and production company, is pleased to announce 
that the Office National des Hydrocarbures et des Mines ('ONHYM'), the Moroccan 
regulatory body, has granted the Company a one year extension to the initial 
phase of the Inezgane Exploration Permit ('Inezgane Offshore Permit' or 'the 
Licence') to November 2022. The one-year extension was granted for the time 
lost as a result of the COVID-19 global pandemic and will enable Europa to 
complete its ongoing technical work programme.  This is focused on further 
de-risking 30 prospects and leads which the Company estimates have the 
potential to hold in aggregate close to 10 billion barrels of unrisked oil 
resources. 
 
Europa holds a 75% interest in, and operatorship of, the Licence, which covers 
an area of 11,228 sq. km in the Agadir Basin, with ONHYM holding the remaining 
25% interest. Since the award of the Licence in November 2019, activity has 
centred on interpreting extensive 3D seismic legacy data to de-risk large 
prospects in the Lower Cretaceous play.  Of the 30 prospects and leads 
identified to date, 14 are prospects, each, Europa estimates, with mean 
resources in excess of 150 mmboe.   These prospects have stacked reservoir 
potential and include a wide range of structural styles including, for example, 
4-way dip closures in the case of the 827 mmboe Falcon and 204 mmboe Turtle 
prospects. Europa has assigned a geological chance of success to these 
prospects of 20-35%. 
 
Ongoing work is focused on seismic reprocessing and further de-risking the 
prospects and leads which have been mapped to date. The forward plan is to 
build a robust prospect inventory and, subject to the results, secure partner 
(s) to drill wells. A farm-out process will be formally launched following 
completion of the technical work programme, however the Company continues to 
maintain dialogue with three companies, all of whom have expressed interest in 
Inezgane. 
 
The original duration of the Inezgane Permit was eight years comprising three 
exploration phases of which the Initial Phase of the Licence comprised two 
years. Following the extension, the Initial Phase will now run for three years 
and the duration of the Inezgane Licence across the three exploration phases is 
now nine years. At the end of the Initial Phase, Europa has the option to 
commit to drilling an exploration well in the Second Phase or to relinquish the 
Licence. 
 
Simon Oddie, CEO of Europa, said: "We are extremely grateful to the Moroccan 
authorities for their swift response to the challenges posed by the global 
pandemic and specifically for granting us a one year extension to the Initial 
Phase of the Inezgane Licence. The equivalent of approximately 50 UKCS North 
Sea blocks, Inezgane covers a large area in the Agadir basin and, while much 
work has already been carried out despite COVID-19, this extension will enable 
us to build on the encouraging results seen to date, the highlights of which 
include the mapping by Europa of up to 10 billion barrels of unrisked oil 
resources.  Inezgane is living up to the promise we identified when we first 
applied for the Licence.  With the extension granted, we are now focused on 
completing the technical work ahead of securing a partner or partners with whom 
we can work to realise the Licence's substantial potential." 
 
"Together with ongoing work to bring the Wressle Oil Field in Lincolnshire 
online later this quarter, which will more than double our production to over 
200 bopd, the months ahead promise to be an exciting period for Europa.  I look 
forward to providing further updates on our progress as we look to deliver on 
our twin objective to expose our shareholders to high impact exploration 
activity, while at all times looking to minimise risk by scaling up our UK 
onshore production profile and securing partners to drill wells." 
 
                                 * * ENDS * * 
 
For further information please visit www.europaoil.com or contact: 
 
Simon Oddie          Europa                     + 44 (0) 20 7224 
                                                3770 
 
Christopher Raggett  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 
 
Megan Dennison       St Brides Partners Ltd     + 44 (0) 20 7236 
                                                1177 
 
Notes 
 
Europa Oil & Gas (Holdings) plc has a diversified portfolio of multi-stage 
hydrocarbon assets which includes production, development and exploration 
interests, in countries that are politically stable, have transparent licensing 
processes, and offer attractive terms. In terms of production, in 2019 Europa 
produced 91 boepd. Production is set to increase to over 200 boepd in H2 2020 
once the Wressle field in the UK, which is currently under development, comes 
on stream at a gross rate of 500 bopd. 
 
The Company holds three exploration licences offshore Ireland which have the 
potential to host gross mean un-risked prospective resources of 3.9 billion 
barrels oil equivalent and 2.7* trillion cubic feet ('tcf') gas (*subject to 
regulatory approval for the transfer of FEL 3/19). The Company's flagship 
projects offshore Ireland are Inishkea and Edge, two near field gas prospects 
in the Slyne Basin which the Company classifies as lower risk 
infrastructure-led exploration due to their close proximity to the producing 
Corrib gas field and associated gas processing infrastructure. In September 
2019, Europa was awarded a 75% interest in the Inezgane permit offshore 
Morocco. which contains a number of high-impact projects and leads, any one of 
which could be transformational to the Company if it were to be successful on 
drilling. 
 
 
 
END 
 

(END) Dow Jones Newswires

October 21, 2020 02:00 ET (06:00 GMT)

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