Europa Oil & Gas no longer acquiring Irish licence from DNO
The transaction agreed in 2020 had no upfront fee and was subject to regulatory approval.
Company
LON:EOG
Europa Oil & Gas (Holdings) plc is an exploration and production company focused on developing its balanced portfolio of assets in the North Sea, Atlantic Ireland and West Africa, supported by revenue from onshore oil production in the UK.
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The transaction agreed in 2020 had no upfront fee and was subject to regulatory approval.
“This project has significant implications for Europa and could result in some of our well stock being repurposed to generate emission free geothermal energy," said Europa chief executive Simon Oddie
Europa said Wressle continues to exceed expectations
It was boosted by production at Wressle and is advancing projects offshore Ireland and Morocco.
“Wressle is showing capacity to produce at significantly higher rates than the previous target," chief executive Simon Oddie said
“In the UK onshore Wressle is now second only to Wytch Farm, Dorset in terms of daily production," highlighted Simon Oddie
"A successful farm-out would validate Europa’s excitement for this highly prospective acreage,” stockbroker finnCap said in a note.
The explorer says it is offering a high-impact exploration opportunity
"We are delighted with the safe and successful completion of the proppant squeeze activities at Wressle,” said Simon Oddie
The oil producer will work with Causeway Geothermal to carry out tests and analyse the potential
The Wressle partners are now looking forward to hitting target production from the Lincolnshire oil field
“We are extremely grateful to the Moroccan authorities for their swift response to the challenges posed by the global pandemic," said chief executive Simon Oddie
The start-up of the Wressle field will significantly boost the firm's onshore UK production business
“I look forward to working with Brian in his new capacity," Oddie said.
Operator Egdon Resources is currently overseeing the construction of the well
Wressle will double Europa's UK production later this year, meanwhile, it continues to look forward to an Irish gas partnership deal
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“Both Edge and Inishkea are viewed as being drill-ready and our aim will be to secure a partner or partners to fund drilling activity on one or both licences at the earliest opportunity,” said interim chief executive Simon Oddie.
The onshore UK oil field remains on-track to finally be delivered in the second half of 2020