Business
Assignment of interest in UK onshore Licence
Assignment of interest in UK onshore 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\n14 March 2017\n\nEuropa Oil & Gas (Holdings) plc (‘Europa’ or ‘the Company’)\n\n Assignment of interest in UK onshore Licence\n\nEuropa Oil & Gas (Holdings) plc, the AIM traded UK and Ireland focused oil and gas exploration, development and production company, announces that following the acquisition of Shale Petroleum (UK) Limited (‘SPL’) for a nominal consideration of £1 (see announcement of 15 August 2016 for further details), it has re-assigned a 10% interest in UK onshore licence PEDL 343 (‘the Licence’) to Arenite Petroleum Limited. \n\nThe acquisition of SPL resulted in Europa’s interest in PEDL343 increasing from 22.5% to 45%. Following the re-assignment, which is in accordance with an existing commercial arrangement, Europa’s interest in the Licence is 35% alongside Arenite Petroleum Limited (15%), Third Energy UK Gas Limited (20%), Egdon Resources UK Limited (17.5%) and Petrichor Energy UK Gas Limited (12.5%).\n\nPEDL343 is operated by Third Energy and contains the Cloughton gas discovery made by Bow Valley. An exploration well in 1986 flowed a small amount of gas to surface on production test from Carboniferous sandstone reservoirs. Europa regards Cloughton as a gas appraisal opportunity.\n\n* * ENDS * *\n\nFor further information please visit www.europaoil.com or contact:\n\n\n\nHugh Mackay\nEuropa\n+ 44 (0) 20 7224 3770\n\n\n\nPhil Greenhalgh\nEuropa\n+ 44 (0) 20 7224 3770\n\n\n\nMatt Goode\nfinnCap Ltd\n+ 44 (0) 20 7220 0500\n\n\n\nSimon Hicks\nfinnCap Ltd\n+ 44 (0) 20 7220 0500\n\n\n\nFrank Buhagiar\nSt Brides Partners Ltd\n+ 44 (0) 20 7236 1177\n\n\n\nSusie Geliher\nSt Brides Partners Ltd\n+ 44 (0) 20 7236 1177\n\n\n\nNotes\n\nEuropa Oil & Gas (Holdings) plc has a diversified portfolio of multi-stage hydrocarbon assets that includes production, exploration and development interests, in countries that are politically stable, have transparent licensing processes, and offer attractive terms. Its highly prospective exploration projects include the Wressle oil development in the UK and seven licences offshore Ireland with the potential to host gross mean un-risked prospective and indicative resources of more than 4 billion barrels oil equivalent and 1.5 TCF gas across all seven licenc...