Europa Oil & Gas (Holdings) PLC Farmout Launch of Inezgane Licence, Morocco (3235H)
03 Agosto 2021 - 1:00AM
UK Regulatory
TIDMEOG
RNS Number : 3235H
Europa Oil & Gas (Holdings) PLC
03 August 2021
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
3 August 2021
Europa Oil & Gas (Holdings) plc ('Europa' or 'the
Company')
Farmout Launch of Inezgane Licence, Morocco
Europa Oil & Gas (Holdings) plc, the UK , Ireland and
Morocco focused oil and gas exploration, development and production
company, is pleased to announce the formal launch of the farmout
initiative (the 'Farmout') of its high-impact exploration
opportunity, the Inezgane Offshore Permit ('Inezgane' or the
'Licence'), offshore Morocco in the Agadir Basin, awarded to the
Company in 2019.
Overview:
-- The Inezgane Farmout campaign has now been launched.
-- Inezgane represents a high-impact exploration opportunity in
a highly underexplored area of the world representing an excellent
farm in opportunity for interested companies and complements
Europa's existing strategy of seeking to develop a balanced
portfolio of assets.
-- The Licence is located on the same geological trend which has
led to major oil and gas discoveries along the west coast of Africa
with reservoirs and source rocks in common with the prolific West
African play.
-- Europa's recent evaluation has identified a significant
volume of Licence resource, in excess of 2 billion barrels (oil
equivalent), in the top five ranked prospects alone.
-- Morocco offers excellent fiscal terms with a low tax take and
several major and midcap companies hold acreage in Morocco,
including ENI, Hunt, Genel and ConocoPhillips.
Simon Oddie, CEO of Europa said: "We are delighted to announce
the launch of the Farmout initiative of the Inezgane Licence which
represents not only a high-impact exploration opportunity for
Europa but also sits comfortably within the Company's strategy of
creating a balanced portfolio of complementary assets. Morocco is a
welcoming jurisdiction in which to operate and has excellent ESG
credentials in the fields of wind, solar and hydroelectric with
ambitions to source 50% of its electrical energy from renewable
sources by 2030 as well as becoming a net exporter to Europe.
"In holding a 75% interest in, and operatorship of, the Licence,
Europa controls an area of 11,228 sq. km with Morocco's ONHYM
holding the remaining 25% interest. The work completed thus far has
focused on the top five ranked prospects which each have mean
resources in excess of 200 mmboe at the Albian level, with total
mean resources in excess of two billion barrels. These are
extremely positive numbers for the Company and we hope to
capitalise on the prospectivity demonstrated along this prolific
geological trend. I look forward to providing further information
in due course."
Further information on Inezgane
Europa holds a 75% interest in, and operatorship of, the
Licence, which covers an area of 11,228 sq. km with ONHYM holding
the remaining 25% interest. The Company was awarded the Inezgane
Offshore Permit in November 2019, which lies offshore Morocco in
the Agadir Basin in water depths mostly below 2000 metres. Europa
has access to 6200 sq. km of high-quality 3D seismic data to
evaluate the prospectivity of the Licence. So far, Europa's work
has focused on the top five ranked prospects namely Alpha, Charlie,
Falcon, Turtle and Sandpiper; these prospects have a wide range of
structural styles including 4-way dip, salt flank and salt
under-hang. Each has stacked potential at the Albian, Campanian and
Barremian levels, all within the Cretaceous section, and all five
prospects have mean resources in excess of 200 mmboe at the Albian
level which remains the primary target. The total mean resource is
in excess of 2 billion barrels (oil equivalent) at the Albian level
with significant additional reserves potential at the Campanian and
Barremian levels which represent secondary and tertiary
targets.
Qualified Person Review
This release has been reviewed by Dr Ian Wilson, geological
advisor to Europa, who is a geologist with over 35 years'
experience and a member of Petroleum Exploration Society of Great
Britain and has consented to the inclusion of the technical
information in this release in the form and context in which it
appears.
* * ENDS * *
For further information please visit www.europaoil.com or
contact:
Simon Oddie Europa mail@europaoil.com
Murray Johnson Europa
Christopher + 44 (0) 20 7220
Raggett finnCap Ltd 0500
+ 44 (0) 20 7220
Simon Hicks finnCap Ltd 0500
Turner Pope Investments + 44 (0) 20 3657
Ltd 0050
James Pope Turner Pope Investments + 44 (0) 20 3657
Andy Thacker Ltd 0050
+ 44 (0) 20 7236
Frank Buhagiar St Brides Partners Ltd 1177
+ 44 (0) 20 7236
Cosima Akerman St Brides Partners Ltd 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 the year to 31(st)
July 2020 Europa produced 92 boepd. Production is expected to
increase to over 200 boepd once the Wressle field reaches full
production.
The Company holds four exploration licences offshore Ireland
which have the potential to host gross mean un-risked prospective
resources of 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 2019, Europa was awarded a 75%
interest in the Inezgane permit offshore Morocco.
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