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

Share Price Information for Europa Oil & Gas (EOG)

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Share Price: 0.775
Bid: 0.70
Ask: 0.85
Change: 0.00 (0.00%)
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Europa Oil Awarded Southern North Sea Block In 28th Licensing Round

Tue, 28th Jul 2015 08:53

LONDON (Alliance News) - Europa Oil and Gas (Holdings) PLC Tuesday said it has been conditionally awarded a promote license over block 41/24 in the southern North Sea from the 28th Seaward Licensing Round which was announced Monday.

The licensing round, which tends to be held every other year, is conducted by the UK Department for Energy and Climate Change and the Oil and Gas Authority, the industry's new regulator, where licenses in the UK are awarded to companies looking to exploit those areas for oil or gas.

Europa has been awarded the license through its joint venture company between Europa, with a 50% stake, and Arenite Petroleum Ltd, which holds the other 50% stake.

Europa said it used to own block 41/24 when it was awarded the licenses in the 21st licensing round. The current license is for two years and once certain financial, technical and environmental criteria have been met, the license will be made into a traditional license.

"We are delighted to announce this award. As a consequence of previous and ongoing work we have considerable technical expertise on Carboniferous prospectivity as well as substantive seismic and other technical data in this area," said Europa Chief Executive Hugh Mackay.

A traditional license would last for 26 years and allow the company to move it from exploration and into production, if it decides to do so.

"With the results of the latest UK onshore licensing round expected shortly and the ongoing round offshore Ireland, we continue to look to add to our exciting portfolio of multi-stage projects," added Mackay.

In August, the UK DECC will announce the results of the first tranche of the 14th landward licensing round for oil and gas licenses in the country, specifically for onshore licenses.

The 14th landward licensing round opened in July 2014 and the results will be in two tranches, the first of which will be announced in August and the second tranche "later in the year".

The onshore licensing round is more significant than usual as it has sparked fears that the pro-fracking government will open the door to protected sites for fracking companies.

The licensing round is significant, mainly due to the sheer amount of blocks on offer, with hundreds available that stretch between the south coast of England, including the whole of the Isle of Man, to as north as Scotland.

To put the amount of blocks into perspective, the Express newspaper cited eco-charity Friends of the Earth on Sunday claiming that up to 43% of Britain's land mass is covered by the blocks on offer under the licensing round, and according to The Guardian, around 40% of the blocks on offer cover protected areas.

Europa shares were up 0.5% to 5.66 pence per share on Tuesday morning.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

Copyright 2015 Alliance News Limited. All Rights Reserved.

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IN BRIEF: Europa Oil & Gas names largest shareholder as new chair

Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development and production company - Names largest shareholder Bo Kroll as non-executive chair, replacing Brian O'Cathain who is stepping down after seven years. Kroll increased his holding to 6.0% in July.

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18 Dec 2024 09:49

Europa Oil terminates royalty agreement for Whisby 4 well

(Sharecast News) - Europa Oil & Gas, an exploration and production company with assets in the UK, West Africa and Ireland, announced the termination of its royalty agreement for the Whisby 4 well with BritNRG, the field operator and licence holder, on Wednesday.

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22 Nov 2024 11:35

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28 Oct 2024 14:34

Europa Oil shares dive as loss widens amid big exploration costs

(Alliance News) - Europa Oil & Gas Holdings PLC on Monday said 2025 will be an exciting period for the company as it reported a widened loss due to higher exploration costs.

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28 Oct 2024 10:51

Europa Oil reports challenging financial performance

(Sharecast News) - Europa Oil & Gas reported a challenging financial performance for the year ended 31 July on Monday, as revenue declined 46% to £3.6m, reflecting reduced oil production, including a three-month shutdown at its Wressle site, and lower realised oil prices.

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18 Oct 2024 10:30

Approval for more development of Lincolnshire oil field to be revoked

(Alliance News) - Europa Oil & Gas Holdings PLC and Union Jack Oil PLC said on Friday they expect planning consent for further development of the Wressle field in Lincolnshire to be quashed, following a legal challenge to their application.

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13 Sep 2024 12:49

IN BRIEF: Europa Oil & Gas opts not to extend Serenity licence

Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development and production company - Says that it does not intend to apply to the North Sea Transition Authority for an extension to the Serenity licence, which is due to expire on September 30 of this year. As a result, the incurred costs associated the licence that Europa Oil & Gas has capitalised on its balance sheet will be written off.

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13 Sep 2024 11:23

Europa Oil opts not to extend Serenity licence

(Sharecast News) - Europa Oil & Gas, an company focussed on oil and gas exploration, development, and production in the UK, Ireland and West Africa, announced on Friday that it would not apply for an extension of the Serenity licence, P2358.

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3 May 2024 20:29

IN BRIEF: Europa Oil & Gas withdraws from UK offshore licensing round

Europa Oil & Gas (Holdings) PLC - UK and Ireland-focused oil and gas exploration, development and production company - Updates on the company's application for a licence as part of the 33rd UK Offshore Licensing Round that closed in January. Says the North Sea Transition Authority proposes a marriage between Europa and another party for the Licence. But, Europa decides not to accept the proposed marriage and also notifies 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. Europa explains that since its original application various aspects of the operating conditions and the fiscal environment have changed and remain uncertain. This reduces the economic and strategic attractiveness of the licence. As such, Europa believes that its resources are better deployed on its existing assets and looking for new opportunities within its core areas of focus.

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3 May 2024 08:39

Europa Oil to decline any North Sea licence offer

(Sharecast News) - Europa Oil & Gas said in an update on Friday that it received communication from the North Sea Transition Authority (NSTA) regarding its application for a licence as part of the 33rd UK Offshore Licensing Round.

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22 Apr 2024 20:03

EARNINGS AND TRADING: Zenova's Kitemark award; Carnival's eyes savings

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Friday and Monday and not separately reported by Alliance News:

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17 Apr 2024 12:21

IN BRIEF: Europa Oil loss lower; eyes opportunity in Equatorial Guinea

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14 Feb 2024 12:40

Europa Oil & Gas confirms extension to Cloughton licence

(Sharecast News) - Europa Oil & Gas announced a significant extension to its PEDL 343 licence on Wednesday, housing the Cloughton gas discovery in the East Midlands.

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14 Feb 2024 11:55

Europa Oil & Gas gets extension to PEDL 343 gas licence from UK NSTA

(Alliance News) - Europa Oil & Gas Holdings PLC on Wednesday announced an extension to its PEDL 343 licence in the East Midlands of England, which contains the Cloughton gas discovery.

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29 Jan 2024 10:27

IN BRIEF: Europa Oil hails phase extension for flagship Irish licence

Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development, and production company - Says that Phase One of FEL 4/19, its licence in the Slyne basin, has been extended following approval from the Irish Government's Department of the Environment, Climate & Communications.

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