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Europa Oil & Gas hands stake in Cloughton gas field to partner

PEDL 343, in the Cleveland basin, is deemed by Europa as an appraisal asset.
Onshore oil well
Europa now has 35% of the project

Europa Oil & Gas Plc (LON:EOG) has transferred a 10% stake in the PEDL 343 licence, onshore UK, to partner Arenite Petroleum.

It comes after Europa picked up 22.5% of the licence through the acquisition of Shale Petroleum (UK) for a nominal consideration of £1.

The licence is located in north east England, its operated by Third Energy UK Gas Limited, contains the Cloughton gas discovery as tested by a 1986 well, and it is deemed by Europa as an appraisal asset.

Europa now has 35% of the licence alongside Third Energy with 20%, Arenite with 15%, Egdon Resources Plc (LON:EDR) with 17.5% and Petrichor Energy UK Gas Limited with 12.5%.

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