Business
Withdrawal from Cuejdiu Licence in Romania
Withdrawal from Cuejdiu Licence in Romania.
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\n22 March 2012\n\n Europa Oil & Gas (Holdings) plc (`Europa' or `the Company') \n\n Withdrawal from Cuejdiu Licence in Romania \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 as part of an on-going review of the Company's assets by\nthe new management, it has decided, in tandem with its partners Aurelian\nPetroleum SRL (45%) and SNGN Romgaz SA (37.5%), to withdraw its 17.5% working\ninterest from the Block EIII-3 Cuejdiu Concession Agreement in Romania. The\nCompany remains focused on advancing and developing its core assets including\nthe Berenx gas appraisal project in onshore France as well as its UK assets\nwhich include three producing fields and a number of exploration licences.\n\nEuropa's CEO, Hugh Mackay commented, \"Following an in depth review of our\nentire portfolio, we concluded that Block EIII-3 Cuejdiu was a non-core asset\nand we have therefore decided to join with our partners and withdraw from the\nConcession Agreement. We continue to make good progress in advancing our highly\nprospective asset base, be it in the form of continuing farm-in negotiations\nfor a number of our licences or undertaking technical work out in the field.\nWith this in mind, I look forward to providing the market with updates on our\nprogress at our core projects, particularly in France and the UK, in due\ncourse.\"\n\nThe end of Phase II of the four year Extension Period of the Initial\nExploration Period for the Cuejdiu licence is 20 May 2012.\n\nExploration costs of £1.3 million previously incurred by the Company associated\nwith the Cuejdiu concession will be written off. In addition, a further\nnon-cash charge of £1.3 million in relation to the Company's withdrawal from\nthe Brodina concession as announced on 20 January 2012 has also been taken.\n\nFollowing its withdrawal from the Cuejdiu concession, Europa has interests in\ntwo concession areas in Romania: EPI-3 Brates and EIII-4 Bacau North A (Bacau).\nDiscussions with potential partners regarding farming-in to Europa's 100%\ninterest in the Brates concession, which holds the Barchiz prospect, are\non-going. The Bacau concession, in which Euro...