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Relinquishment of Licences in Romania & the...
Relinquishment of Licences in Romania & the....
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \n Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas \n\n21 May 2013\n\n Europa Oil & Gas (Holdings) plc (`Europa' or `the Company') \n\n Relinquishment of Licences in Romania and the SADR and Forthcoming Investor \n Events \n\nEuropa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration and\ndevelopment company with a combination of producing and exploration assets in\nEurope, announces that it is relinquishing the EPI-3 Brates Licence in Romania\n(`Brates') and the Bir Lahlou and Hagunia Licence Areas in the Saharawi Arab\nDemocratic Republic (`SADR'). This is in line with the Company's strategy to\nfocus on offshore West Ireland where it has a joint venture with leading\nindependent oil and gas company Kosmos Energy to explore two Licensing Options\nin the South Porcupine Basin; a 100% interest in a deep gas appraisal project\nonshore France; and a combination of production and exploration assets in\nonshore UK.\n\nOn 20 May 2013 the Company served a Notice of Withdrawal regarding Brates in\nRomania to the National Agency for Mineral Resources. Formal withdrawal\nprocedures are currently being completed. Previous exploration costs associated\nwith Brates were included in the 2012 Final Results as announced on 16 October\n2012 and, as a result, no further exploration write downs are anticipated. In\naddition the Directors do not expect any material write downs to be taken with\nregard to the relinquishment of the SADR licences.\n\nEuropa's CEO Hugh Mackay said: \"Our withdrawal from Romania and the Saharawi\nArab Democratic Republic ought to be seen in the context of last year's\nin-depth portfolio review, the conclusions of which led to these two countries\nbeing considered non-core to Europa. As a result, our current focus is on\nproduction and exploration in the UK; exploration in the South Porcupine Basin,\noffshore Ireland; and a gas appraisal project in onshore France.\n\n\"We expect to report progress across our asset base during the second half of\nthe year including our participation in an exploration well at the Wressle\nProspect onshore UK, which we rate as having a one in three chance of\nmaterially adding to our existing production. Offshore Ireland, following the\nrecent farm down to Kosmos Energy of an 85% interest in our two Licensing\nOptions in the Sout...