Business
Update re French Exploration Permits
Update re French Exploration Permits.
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\n23 July 2013\n\n Europa Oil & Gas (Holdings) plc (`Europa' or `the Company') \n\n Update re French Exploration Permits \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 its two 100% held permits in the Aquitaine Basin,\nonshore France, Bearn des Gaves and Tarbes Val d'Adour, have not been renewed\nwithin the set timeframes of the renewal process. Under the terms of the\nrespective agreements, if notification of renewal has not been received by the\nexpiry date then the permits are deemed to have lapsed.\n\nEuropa intends to appeal this outcome for both the Bearn des Gaves and Tarbes\nVal d'Adour permits and has submitted appeals for each permit to the relevant\nFrench authorities. Further updates with respect to the appeal process will be\nprovided by the Company as and when it is appropriate to do so. Unless the\nappeals are successful, total aggregate exploration costs of £1.2 million\npreviously incurred on the permits by Europa will be written off in the current\nfinancial period.\n\nEuropa's CEO Hugh Mackay said: \"The Minister of Ecology, Sustainable\nDevelopment and Energy is required to provide final sign-off for all\nexploration permits in France and we note there was a change of Minister during\nthe renewal process. Our appeal for both permits to be renewed has been\nsubmitted to the new Minister and we will be seeking a resolution as a matter\nof priority.\n\n\"Progress continues to be made across our licences which include production and\nexploration in the UK as well as high impact exploration offshore Ireland. In\nthe UK, we will be drilling the Wressle Prospect later this year while in\noffshore Ireland, a 3D seismic acquisition programme on Frontier Exploration\nLicences 2/13 and 3/13 in which Europa holds a 15% interest is currently being\nundertaken by Kosmos Energy, the operator.\"\n\n **ENDS** \n\nFor further information please visit www.europaoil.com or contact:\n\nHugh Mackay Europa + 44 (0) 20 7224 3770 \n \nPhil Greenhalgh Europa + 44 (0) 20 7224 3770 \n \nMatt Goode finnCap Ltd +44 (0) 20 7220 0500 \n \nHenrik Persson finnCap Ltd +44 (0) 20 7220 0500 \n \nFrank Buhagiar S...