REG - Europa Oil & Gas - 33rd Licensing Round Update

Europa Oil & Gas (Holdings)Announcement

03/05/2024 07:00

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RNS Number : 0909N  Europa Oil & Gas (Holdings) PLC  03 May 2024

 

Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil
& Gas

 

3 May 2024

 

Europa Oil & Gas (Holdings) plc

("Europa" or the "Company")

 

33(rd) Licensing Round Update

 

Europa Oil & Gas (Holdings) plc, the AIM quoted UK, Ireland and West
Africa focused oil and gas exploration, development and production company,
announces that it was contacted by the North Sea Transition Authority (the
"NSTA") regarding the Company's application for a licence as part of the
33(rd) UK Offshore Licensing Round that closed on 12 January 2023 (the
"Licence"), therein the NSTA proposed a marriage between Europa and another
party for the Licence. After careful consideration, the Company has decided
not to accept the proposed marriage and it has also decided to notify the NSTA
that, if the NSTA subsequently decide to award the Licence, in its entirety,
to the Company as the sole owner, Europa would decline the offer.

 

As part of its original application for the Licence, Europa spent some time
during Q4 2022 analysing the available sub-surface data, the monetisation
options and subsequent economics of a development of the resources within the
Licence. Since this analysis, various aspects of the operating conditions and
the fiscal environment have changed and remain uncertain, this has reduced the
economic and strategic attractiveness of the Licence. As such, the Company
believes that its resources are better deployed on its existing assets and
looking for new opportunities within its core areas of focus.

 

Will Holland, Chief Executive Officer of Europa, said:

 

"I'd like to thank the NSTA for suggesting this marriage and giving Europa the
opportunity to participate in the licence that we applied for in the 33(rd)
Round. Since making the application we have acquired an interest in the EG-08
licence in Equatorial Guinea, which we believe is very material. Given the
size of the Company and our limited resources it is essential that we focus on
where we see the best risk/reward proposition that can generate significant
value for our shareholders. Any new asset needs to be considered carefully
against other opportunities that are under evaluation to ensure that we are
deploying our capital on assets that have the best potential of returning
value to our shareholders."

 

* * ENDS * *

For further information, please visit www.europaoil.com
(http://www.europaoil.com/)  or contact:

 William Holland                                   Europa Oil & Gas (Holdings) plc                            mail@europaoil.com
 James Dance / James Spinney / Rob Patrick         Strand Hanson Limited - Nominated & Financial Adviser      +44 (0) 20 7409 3494
 Peter Krens                                       Tennyson Securities                                        +44 (0) 20 7186 9033
 Patrick d'Ancona / Finlay Thomson / Kendall Hill  Vigo Consulting                                            +44 (0) 20 7390 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. On 21 December 2023 the
Company acquired 42.9% interest in Antler Global, which holds an 80% interest
in the EG-08 PSC offshore Equatorial Guinea. EG-08 contains an estimated gross
mean un-risked 1.4 trillion cubic feet ("TCF") gas prospective resources that
can be tested with a single well with a 92% chance of success. EG-08 is
adjacent to the Chevron licence that contains the Alen gas field which is
connected via pipeline to the Bioko Island LNG plant. Europa took over
operatorship of PEDL343 ("Cloughton") on 27 July 2023 in which Europa holds a
40% interest and contains an estimated 192 billion cubic feet ("BCF") of gas
in place. Europa holds a 25% interest in P.2358, Block 13/23c ("Serenity") in
the Outer Moray Firth area of the North Sea, which contains the 2019 Serenity
oil discovery. The Company holds one exploration licence offshore Ireland,
which has two principal prospects, the largest of which has the potential to
host gross mean un-risked prospective resources of 1.5 TCF gas. Inishkea West
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.

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