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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
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Change: 0.025 (3.33%)
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UPDATE 1-Israeli PM sets aside anti-trust ruling, gives go-ahead for Leviathan gas field

Thu, 17th Dec 2015 14:46

* Leviathan is potentially Israel's largest natural gasfield

* Supreme Court to decide on legality of deal (Adds details, PM/analyst/Noble comments)

By Steven Scheer

JERUSALEM, Dec 17 (Reuters) - After years of politicalinfighting, Israeli Prime Minister Benjamin Netanyahu signed adeal on Thursday giving long-awaited approval for thedevelopment of the Leviathan natural gas field off Israel'scoast.

But if and when the field actually gets developed is now inthe hands of Israel's Supreme Court. It will decide in thecoming months on the legality of the agreement after opponentsfiled an injunction request.

As part of the deal, Texas-based Noble Energy andIsrael's Delek Group, which discovered Leviathan in2010, will retain control of the field, but are being forcing tosell other, smaller assets.

Critics, including the Israel Antitrust Authority, arguethat control of the country's gas reserves by one consortiumwill limit competition.

Netanyahu pushed the agreement through by invoking anever-before-used clause in the anti-trust law that allows fordecisions of the Antitrust Authority to be overridden in thename of national security and international diplomacy.

"This (deal) is important for the economy, for security, forsociety and for our external relations," he said at the signingceremony, adding that he would soon meet Cypriot and Greekleaders to discuss energy matters in the Mediterranean.

Noble Energy said the deal "establishes the regulatorycertainty and stability necessary to proceed with Leviathan" aswell as the expansion of the nearby Tamar field, where Israelcurrently gets its gas for generating electricity.

POTENTIAL CUSTOMERS

Leviathan, with estimated reserves of 622 billion cubicmeters, will cost at least $6 billion to develop. It is meant to begin production in 2018-2020, although that timetable looksambitious, and supply billions of dollars' worth of gas to Egyptand Jordan, and possibly Turkey and Europe. )

Last month, Energy Minister Yuval Steinitz said he met withmore than 20 firms including ENI, Shell, Hess, Exxon Mobil and EOG in a bid to enticethem to invest in Israeli fields off its Mediterranean coast.

Some may be deterred, however, by the anti-trust battle.

"The court will want to examine it quite closely and treadcarefully," said Michael Barron, director of global energy andnatural resources at Eurasia Group.

"The anti-trust issues have been going on for a year and ithas not cast foreign investment in Israel in a good light. Itdefinitely has the potential to scare away investors and (makethem) think twice when it comes to large energy andinfrastructure projects."

Sharply lower oil prices have slashed capital investments byglobal energy and exploration firms, and other liquefied naturalgas projects are set to come online in the next three to fiveyears, which could lead to an oversupply.

But Israeli officials and business leaders said Leviathan would ultimately boost the state's coffers significantly andhelp companies improve competitiveness by reducing their energycosts. (Reporting by Steven Scheer; editing by Luke Baker and MarkTrevelyan)

More News
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

Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development and production company - Pretax loss narrows 20% to GBP1.0 million in the six months to GBP1.0 million from GBP1.3 million a year prior. Revenue dives to GBP1.4 million from GBP3.7 million, which it says was due to the three-month shut-in period at Wressle in the East Midlands. Total cost of sales decrease 28% to GBP1.6 million from GBP2.2 million. Notably, reports no exploration write off cost, compared to GBP1.7 million a year prior. Looking ahead, Chief Executive Officer Will Holland says: "As we have alluded to in the past, we are always looking for additional geographies where we can reallocate our inhouse expertise. Such an opportunity arose in Equatorial Guinea towards the end of last year, where we are investing in a very high-quality licence with three drill-ready and potentially transformational prospects."

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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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15 Jan 2024 13:37

IN BRIEF: Europa Oil & Gas stock down as cashflow lower than expected

Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development, and production company - Expects to report free cash flow of approximately GBP800,000 for 2023, lower than forecast of GBP4.2 million announced on Wednesday. Says lower than expected result was primarily due to delayed development at Wressle-1 well reducing revenue receipts for 2023, although it did result in "materially lower" capital expenditure. Says it has sufficient funds to cover expected capital and operational requirements for 2024. Company also reports that its cash position was GBP4.3 million at November 30, and that gross production at Wressle-1 is currently averaging 665 barrels of oil per day.

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2 Jan 2024 11:05

Union Jack and Europa Oil get resources upgrade for Wressle field

(Alliance News) - Union Jack Oil PLC and Europa Oil & Gas Holdings PLC on Tuesday said an independent assessment has increased the oil reserves of their licences at the Wressle field onshore in Lincolnshire, England.

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19 Dec 2023 12:43

Europa Oil & Gas and Union Jack Oil toast flow rate at Wressle-1 well

(Alliance News) - Europa Oil & Gas Holdings PLC and Union Jack Oil PLC on Tuesday said that production had increased at the UK onshore Wressle-1 well.

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