Last checked at 27 Apr 2023 07:00
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas
27 April 2023
Europa Oil & Gas (Holdings) plc
("Europa" or the "Company")
Director Change
Europa Oil & Gas (Holdings) plc, the AIM traded UK and Ireland focused oil and gas exploration, development, and production company, announces that Mr William Ahlefeldt has informed the Board of his intention to retire as a director of Europa with immediate effect.
Mr Ahlefeldt has served as a director of Europa since 2004 and has played a crucial role during his time on the Board. He was instrumental in bringing the Company to the AIM Market of the LSE in 2004 and he remains one of Europa's largest shareholders. As an experienced petroleum engineer, he has provided technical leadership on the Board throughout his tenure. In addition, he has provided significant financial support to the Company on several occasions.
Following Mr Ahlefeldt's retirement, the Board will comprise two executive directors and three non-executive directors. The Board believes that this composition of directors provides a well-balanced commercial, technical and financial skill set to deliver on the existing strategy and govern the business appropriately, as such it is not intended to replace Mr Ahlefeldt at this time.
Brian O'Cathain, Chairman of Europa, said:
"I would like to thank William for his many years of loyal service and invaluable contribution to Europa. William has been a valued member of the Board, and we wish him every success in the future."
William Ahlefeldt, said:
"It has been an honour to sit on the Board of Europa and be part of the Company from its initial flotation on AIM through to the success of the Wressle field. I have great faith in the new executive management team and intend to remain a loyal shareholder."
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For further information, please visit www.europaoil.com or contact:
William Holland / Murray Johnson | Europa Oil & Gas (Holdings) plc | mail@europaoil.com |
James Dance / James Spinney | Strand Hanson Limited - Nominated & Financial Adviser | +44 (0) 20 7409 3494 |
Peter Krens | Tennyson Securities | +44 (0) 20 7186 9033 |
Patrick d'Ancona / Finlay Thomson / Kendall Hill | Vigo Consulting | + 44 (0) 20 7390 0230 |
Notes to Editors
Europa Oil & Gas (Holdings) plc has a diversified portfolio of multi-stage hydrocarbon assets which includes production, development and exploration interests, in countries that are politically stable, have transparent licensing processes, and offer attractive terms. Average production for the 6-month period ending 31 January 2023 was 268 bopd. In April 2022, Europa farmed into P.2358, Block 13/23c ("Serenity") in the Outer Moray Firth area of the North Sea. The licence contains the 2019 Serenity oil discovery, in which Europa now has a 25% interest. The Company holds one exploration licence offshore Ireland, which has two principal prospects, the largest of which has the potential to host gross mean un-risked prospective resources of 1.5 trillion cubic feet ("tcf") gas. Inishkea is a near field gas prospect in the Slyne Basin which the Company classifies as lower risk due to its close proximity to the producing Corrib gas field and associated gas processing infrastructure.