Business
EG-08 Farm-out Agreement Signed
Europa Oil & Gas (Holdings) plc announces that its associated company, Antler Global Limited, has signed a Farm-out Agreement with Fuhai (Beijing) Energy Limited for a 40% interest in the EG-08 production sharing contract in Equatorial Guinea. Fuhai will fund 95% of the Barracuda well costs, up to a $53 million cap, with Antler retaining operatorship. Europa holds a 42.9% equity interest in Antler, which is expected to spud the Barracuda well, estimated to contain 893 BCF, in 2026. The deal is subject to regulatory approvals from Equatorial Guinea and the Shandong provincial government. Disclaimer*
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 \n30 December 2025\n \nEuropa Oil & Gas (Holdings) plc\n(\"Europa\" or the \"Company\")\n \nEG-08 Farm-out Agreement Signed\n \nEuropa Oil & Gas (Holdings) plc, the AIM quoted West Africa, UK and Ireland focused oil and gas exploration, development and production company, is pleased to announce that its associated company, Antler Global Limited (\"Antler\"), has signed a binding Farm-out Agreement (\"FOA\") with Fuhai (Beijing) Energy Limited (\"Fuhai\"), a wholly owned subsidiary company of the privately owned Fuhai Group New Energy Holding Co., Ltd (\"Fuhai Holding\") to farm-out a 40% interest in the EG-08 production sharing contract (\"PSC\") in offshore Equatorial Guinea.\n \nThe key features of the FOA include:\n· Fuhai will acquire 40% working interest in EG-08 in return for funding 95% of the costs (the \"Fuhai Carry\") of the Barracuda well, up to a cap of $53 million for the total well cost (\"Total Well Cost\"). Antler shall fund the remaining 5% of the Total Well Cost\n· Well costs include drilling and testing of the 893 BCF Barracuda prospect\n· Antler will retain operatorship of EG-08\n· Any cost over-runs above the $53 million cap will be shared equally between Fuhai and Antler\n· Upon commercial hydrocarbon sales Fuhai will have a preferential recovery right to recover the Fuhai Carry\n· 45% of the Fuhai Carry will accrue interest, capped at 5% per annum, which will accrue from funding until full recovery from asset cashflows. Interest will be cancelled if the Barracuda prospect does not result in a commercial discovery\n \nThe deal remains subject to approval from the Ministry for Mining and Hydrocarbons Department of Equatorial Guinea (\"MMHD\") and Overseas Direct Investment (\"ODI\") approval from the Shandong Provincial government.\n \nEuropa has a 42.9% equity interest in Antler which, as a result of the FOA, holds a 40% working interest in the EG-08 PSC, with 40% held by Fuhai and the remaining 20% held by GEPetrol (Guinea Equatorial de Petróleos), the national oil company of Equatorial Guinea, representing the State's interest.\n \nFuhai Holding (www.fuhaikonggu....