Europa Oil & Gas Holdings PLC - oil and gas exploration, development, and production in UK, Ireland and Morocco - and i3 Energy PLC - oil and gas producer in the UK and Canada - i3 enters three-year contract with Petrofac Facilities Management Ltd for the subsidiary of Petrofac Ltd to provide well engineering, operations management and operator services for drilling of Serenity appraisal well. Serenity is located on its UK North Sea license P2358 block 13/23c, for which i3 is the operator and Europa holds a 25% working interest. i3 says well slot is secured for commencement date between August 15 and September 15 this year.
"This is a significant agreement, and we are pleased that PFML has been contracted to drill the Serenity appraisal well. PFML drilled the original Serenity discovery well for i3 Energy in 2019, which was successfully completed on time and on budget. Operations planning is well underway and on-track to spud the Serenity appraisal well in early September, which will be a hugely exciting potential catalyst for Europa," says Europa Chief Executive Officer Simon Oddie.
Europa current stock price: 2.38 pence, up 6.0% on Monday
12-month change: up 77%
i3 current stock price: 27.85p, up 3.2% on Monday
12-month change: up from 8.40p
By Elizabeth Winter; elizabethwinter@alliancenews.com
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Petrofac (PFC)
Europa Oil & Gas (EOG)