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(Alliance News) - Europa Oil & Gas Holdings PLC on Monday said it is progressing its new venture opportunity in Morocco and also on activities across its existing portfolio.
The AIM-listed company said it is close to being formally awarded an offshore exploration permit on the Atlantic Margin of Morocco. Europa Oil & Gas said it has completed talks with the National Office of Hydrocarbons & Mines and has prepared the association contract and petroleum agreement.
The final piece of administration that needs to be completed is the bank guarantee, the company noted.
In offshore Ireland, the exploration and production company said it is currently negotiating farm-in agreements with an undisclosed international oil & gas company in respect of LO 16/20, FEL 1/17 and FEL 3/13. Europa Oil & Gas said it is in "regular" contact with the unnamed company and a final investment decision continues to be awaited from its head office.
In tandem with the farm-out process, the company said it has submitted applications for three site surveys in Atlantic Ireland.
Meanwhile, in the UK, Europa Oil & Gas said its three oil fields continue to produce at rates in line with expectations. The realised price remains in the USD60 to USD70 a barrel range.
"Much work is taking place behind the scenes on both our existing portfolio of licences and also on new venture activity," said Chief Executive Hugh Mackay.
"We will update the market on any material developments as soon as we are in a position to do so," added Mackay.
Europa Oil & Gas shares were trading 2.7% lower on Monday in London at 2.14 pence each.
