Business
GM Statement
GM Statement.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9607F\n Europa Oil & Gas (Holdings) PLC\n 25 March 2022\n \n \n \n \n Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas\n \n \n \n \n \n 25 March 2022\n \n \n Europa Oil & Gas (Holdings) plc \n \n \n ('Europa' or 'the Company')\n \n \n \n \n \n General Meeting Statement\n \n \n \n \n \n Europa Oil & Gas (Holdings) plc, the AIM quoted UK, Ireland and Morocco focused oil and gas exploration and production company, is holding a General Meeting ('GM') later today. At the meeting, Brian O'Cathain, Chairman of Europa will issue the following statement:\n \n \n \n \n \n \"I would like to warmly welcome all attendees to this General Meeting of Europa Oil & Gas. Today, we are asking shareholders to vote on the conditional raising of £7.02 million - and the subsequent issuing of 390,000,000 new ordinary shares priced at 1.8 pence each - to fund the acquisition of Serenity, UKCS Block 13/23c. \n \n \n \n \n \n Located in the Central North Sea, the Serenity acquisition is for a 25% stake in a discovered oil field, which is majority owned by i3 Energy and requires further appraisal to delineate the field and progress the Serenity field to the development phase. An appraisal well is scheduled to be drilled in the late summer this year, and should it be successful, it will add material value to existing shareholders as it will de-risk a large volume of hydrocarbons located close to existing infrastructure. This acquisition allows Europa to deliver on its promise to diversity its portfolio by adding an appraisal asset and strengthen Europa's existing producing and high impact exploration assets. \n \n \n \n \n \n To this end, the board and I firmly believe that the opportunity to acquire the stake in Serenity is ideal, not just from a growth perspective but also from a strategic perspective as it complements our existing asset base. \n \n \n \n \n \n In addition, the timing of this proposed acquisition is also highly appropriate, given the recent political focus on the development of North Sea oil and gas resources and the securing of UK domestic energy supplies in light of recent geopolitical events. Oil is considered essential to the global energy transition to Net Zero, a theme which is at the forefront of the current U...