Europa Oil & Gas (Holdings) PLC Inezgane Licence, Offshore Morocco Update (2660H)
23 Noviembre 2022 - 1:44AM
UK Regulatory
TIDMEOG
RNS Number : 2660H
Europa Oil & Gas (Holdings) PLC
23 November 2022
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
23 November 2022
Europa Oil & Gas (Holdings) plc
("Europa" or the "Company")
Inezgane Licence, Offshore Morocco Update
Europa Oil & Gas (Holdings) plc, the AIM traded UK and
Ireland focused oil and gas exploration, development, and
production company, announces that the extension to the Initial
Period of the Inezgane Licence ("Inezgane") offshore Morocco
announced on 21 October 2020 has now come to an end and Europa has
decided not to progress to the First Extension Period. Europa is in
the final stages of completing all its obligations for Inezgane and
expects to complete the final relinquishment report shortly. Once
this final obligation has been satisfied the bank guarantee of
US$315,000 will be released and repaid to Europa, following which
the Company will have no further interests associated with
Inezgane.
Simon Oddie, CEO of Europa, said :
"It has been a difficult decision not to progress to the First
Extension Period as Inezgane offers significant exploration
potential. However, progressing to the next stage would have
required Europa to commit to drilling an exploration well, which we
could not justify without obtaining another partner. We have been
working tirelessly with advisors to secure a farm-in partner but
the market appetite for offshore deep water oil exploration is
currently very low and we have ultimately been unsuccessful. During
the Initial Period, the technical team identified multiple
exploration prospects and as such we believe that Inezgane has
significant potential and I would like to thank the Office National
des Hydrocarbures et des Mines ("ONHYM"), the Moroccan hydrocarbons
and mines regulatory body, for the opportunity to work in the
region and wish them success in the future.
Europa is committed to creating shareholder value by building a
balanced portfolio of exploration, appraisal and production assets
in the UK and Atlantic Ireland. Our balanced portfolio of assets at
various stages of the development cycle, including production and
appraisal, ensures that Europa remains well-placed to deliver
affordable energy. We will continue to explore potential
development and exploration opportunities to expand our portfolio
wherever they become available, provided that these can be acquired
and developed on acceptable commercial terms and within the
transition context. We have a healthy balance sheet on which to
execute on our stated strategy."
* * ENDS * *
For further information, please visit www.europaoil.com or
contact:
Simon Oddie / William Europa Oil & Gas (Holdings) mail@europaoil.com
Holland / Murray Johnson plc
Strand Hanson Limited
- Nominated & Financial +44 (0) 20 7409
James Dance / James Spinney Adviser 3494
+44 (0) 20 7186
Peter Krens Tennyson Securities 9033
Patrick d'Ancona / Finlay + 44 (0) 20 7390
Thomson Vigo Consulting 0230
Notes to Editors
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. Production for the year ending 31 July 2022 was
245 bopd. In April 2022, Europa farmed into P.2358, Block 13/23c
("Serenity") in the Outer Moray Firth area of the North Sea. The
licence contains the 2019 Serenity oil discovery, in which Europa
now has a 25% interest. The Company holds one exploration licence
offshore Ireland, which has the potential to host gross mean
un-risked prospective resources of 1.5 trillion cubic feet ("tcf")
gas. Inishkea is a near field gas prospect in the Slyne Basin which
the Company classifies as lower risk due to its close proximity to
the producing Corrib gas field and associated gas processing
infrastructure. In December 2021, Europa announced a collaboration
between Baker Hughes and CausewayGT to conduct a geothermal clean
heat project at the Company's West Firsby field. If this project is
successful, it will prove the operational ability to extract and
use geothermal heat from the site.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDGZMZMNZGGZZM
(END) Dow Jones Newswires
November 23, 2022 02:00 ET (07:00 GMT)
Europa Oil & Gas (holdin... (LSE:EOG)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Europa Oil & Gas (holdin... (LSE:EOG)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024