REGISTER: Hear how Fulcrum Metals (FMET) is board restructuring to support its strategic focus on Canada. Find out at the focusIR Feb Investor Webinar. Sign up here.

Less Ads, More Data, More Tools Register for FREE
Sponsored Content
Don't want ads? Click here
Sponsored Content
Don't want ads? Click here

Pin to quick picksEuropa Oil & Gas Share News (EOG)

Share Price Information for Europa Oil & Gas (EOG)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 0.775
Bid: 0.70
Ask: 0.85
Change: 0.00 (0.00%)
Spread: 0.15 (21.429%)
Open: 0.775
High: 0.775
Low: 0.775
Prev. Close: 0.775
EOG Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Timelines are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Europa gets one-year extension to Inezgane permit in Morocco

Wed, 21st Oct 2020 09:25

(Sharecast News) - Europa Oil & Gas announced on Wednesday that the Moroccan regulatory body, the Office National des Hydrocarbures et des Mines (ONHYM), has granted a one-year extension to the initial phase of the Inezgane exploration permit, to November 2022.
The AIM-traded firm said the extension was granted for the time lost as a result of the Covid-19 pandemic, and would enable it to complete its ongoing technical work programme.

It said that work was focussed on further de-risking 30 prospects and leads, which it estimated had the potential to hold 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 square kilometres in the Agadir Basin, with ONHYM holding the remaining 25% interest.

Since the award of the licence in November 2019, activity had been 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 were prospects with mean estimated resources in excess of 150 million barrels of oil equivalent each.

Those prospects had stacked reservoir potential, and included a "wide range" of structural styles including, for example, four-way dip closures in the case of the 827 million barrels of oil equivalent Falcon and 204 million barrels of oil equivalent Turtle prospects.

Europa said it had assigned a geological chance of success to those prospects of between 20% and 35%.

Ongoing work was focused on seismic reprocessing and further de-risking the prospects and leads which had been mapped to date.

The board said the forward plan was to build a "robust prospect inventory" and, subject to the results, secure partners to drill wells.

A farm-out process would be formally launched following completion of the technical work programme, however the firm said it was continuing to maintain dialogue with three companies,, all of which had expressed interest in Inezgane.

The original duration of the Inezgane Permit was eight years, comprising three exploration phases, of which the initial phase was two years.

Following the extension, the initial phase would now run for three years, and the duration of the Inezgane licence across the three exploration phases was now nine years.

At the end of the initial phase, Europa said it had the option to commit to drilling an exploration well in the second phase, or to relinquish the licence.

"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," said chief executive officer Simon Oddie.

"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."

Oddie said that, with the extension granted, the firm was now focused on completing the technical work ahead of securing a partner or partners with which it could 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 barrels of oil per day, 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."

At 0911 BST, shares in Europa Oil & Gas Holdings were up 15.79% at 1.1p.
More News
16 May 2016 08:36

Union Jack Hopes To Start Wressle Production In Second Half Of 2016

Read more
7 Apr 2016 09:45

Europa Oil & Gas To Wressle With Price Downturn By Doubling Production

Read more
2 Mar 2016 14:23

Europa Oil finds three large prospects in Irish Atlantic

(ShareCast News) - Europa Oil & Gas has identified three new prospects with prospective resources of 895m barrels of oil equivalent (mmboe) among the new blocks it won in last year's Irish Atlantic licencing round. The AIM-listed company said the three new pre-rift gross mean un-risked prospective r

Read more
2 Mar 2016 09:21

Europa Oil & Gas Identifies Three New Prospects In Irish Licence Area

Read more
12 Feb 2016 10:38

WINNERS & LOSERS SUMMARY: Investor Relief As Rolls-Royce Keeps Outlook

Read more
12 Feb 2016 09:08

Europa awarded licensing option in Porcupine Basin

(ShareCast News) - Europa Oil & Gas's Irish activities received a boost this week, with the news that it had been awarded one of a tranche of Licensing Options in the southern Porcupine Basin, offshore Ireland. The AIM-traded oil and gas exploration firm understood it would shortly be issued with a

Read more
12 Feb 2016 08:50

Europa Oil Gets New Licensing Option For Southern Porcupine Basin

Read more
11 Feb 2016 17:18

Eni, Exxon, Statoil win Irish offshore oil and gas licences

LONDON, Feb 11 (Reuters) - The Irish government said on Thursday it had awarded oil and gas licences to companies including oil majors Eni, Exxon and Statoil , allowing them to explore for hydrocarbons off the coast of Ireland. The energy ministry has awarded 14 new licences as a first phas

Read more
17 Dec 2015 14:46

UPDATE 1-Israeli PM sets aside anti-trust ruling, gives go-ahead for Leviathan gas field

* Leviathan is potentially Israel's largest natural gas field * Supreme Court to decide on legality of deal (Adds details, PM/analyst/Noble comments) By Steven Scheer JERUSALEM, Dec 17 (Reuters) - After years of political infighting, Israeli Prime Minister Benjamin Netanyahu s

Read more
17 Dec 2015 14:32

2nd UPDATE: UK Begins Fracking Push As New Onshore Licences Awarded

Read more
17 Dec 2015 14:08

UPDATE: UK Begins Fracking Push As New Onshore Licences Are Awarded

Read more
17 Dec 2015 13:39

UK Government Begins Fracking Push As It Awards New Onshore Licences

Read more
9 Dec 2015 10:33

Europa Oil & Gas "Highly Confident" Move Up In AIM Rankings On Track

Read more
3 Nov 2015 11:16

Egdon Resources Annual Loss Widens After Missing Guidance

Read more
26 Oct 2015 12:17

LONDON MARKET MIDDAY: China Growth Concerns Keep Stocks In The Red

Read more

Make Better Investment Decisions

Register for FREE

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.