LONDON (Alliance News) - UK & Ireland-focused oil and gas company Europa Oil & Gas (Holdings) PLC said on Tuesday it has been informed that its lease at Bury Hill Wood, Surrey, has not been renewed, and will expire on Wednesday next week.
Bury Hill Wood is the proposed site for a temporary well to test the Holmwood prospect on licence PEDL 143 in the Weald Basin.
The decision from the Minister for the Environment, Food and Rural Affairs means that Europa has now withdrawn its application to drill the Holmwood prospect.
As PEDL 143 has been extended until September 30, 2020, the company will start a full evaluation of alternative sites from which to target the Holmwood prospect.
Europa Oil & Gas currently holds a 20% interest in PEDL 143, alongside Union Jack Oil PLC, which holds 7.5%, Egdon Resources PLC, that has an 18% stake, and Angus Energy PLC, which carries a 13% holding.
Shares in Europa Oil & Gas were down 2.7% at 3.74 pence, while Egdon was down 7.4% at 8.01p, Angus down 2.5% at 7.19p and Union Jack Oil down 8.3% at 0.092p on Tuesday.
Europa Oil & Gas (EOG)
Union Jack (UJO)
Angus Energy (ANGS)