Business
Acquisition of Interest in EG-08 Licence
Acquisition of Interest in EG-08 Licence.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n\nEuropa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas\n \n21 December 2023\n \nEuropa Oil & Gas (Holdings) plc\n(\"Europa\" or the \"Company\")\n \nAcquisition of Interest in EG-08 Licence - Equatorial Guinea\n \nEuropa Oil & Gas (Holdings) plc, the AIM quoted UK, Ireland and West Africa focused oil and gas exploration, development and production company, is pleased to announce that it has acquired a 42.9% equity interest in Antler Global Limited (\"Antler\") via a US$3 million cash subscription for new ordinary shares in Antler (the \"Subscription\"). Antler holds an 80% working interest in the recently acquired and highly prospective EG-08 production sharing contract (\"PSC\"), offshore Equatorial Guinea, with Guinea Ecuatorialde Petroleos (\"GEPetrol\"), the National oil company, holding the remaining 20%.\n \nThis Subscription adds an additional geographical location to the Company's existing portfolio of assets, and one which the Board believes has enormous near-term, infrastructure-led, near-field exploration potential. The Subscription monies received by Antler will fund the first-year work programme costs, including the acquisition of existing 3D seismic data, which will be reprocessed alongside preparations to drill, whilst ensuring all financial obligations under the EG-08 PSC with the Republic of Equatorial Guinea (the \"State\") and GEPetrol, are met. \n \nWhilst the initial two-year term of the licence does not require the drilling of a well, the Company believes it already has drill-ready prospects, which consist of three independent targets, with estimated total prospective resources of 1.4 trillion cubic feet of gas equivalent (TCFE), based on Company estimates. Antler will commence a farm-down process with a view to bringing in a partner for drilling. The resource prospectivity of EG-08 has only been examined at one stratigraphic horizon, which is analogous to discoveries made in the adjoining block operated by Chevron. However, further prospectivity exists in multiple horizons and these are yet to be evaluated. \n \nEquatorial Guinea (\"EG\") has an established oil and gas industry with associated infrastructure and is one of the biggest hydrocarbons producers in sub-Saharan Africa. There have been multiple sizable oil and g...