Europa Oil & Gas (Holdings) Plc (AIM:EOG) told investors it has identified an additional 716 billion cubic feet of unrisked Prospective Resources on the EG-08 block, in the Douala Basin offshore Equatorial Guinea.
It increases the project’s prospective resources to 2.11 trillion cubic feet.
The team is advancing its initial phase of technical exploration work – evaluating seismic data across primary prospects as well as assessing any additional prospectivity on the block.
Europa also noted that, according to its economic analysis, a commercial discovery at the project would need to exceed a threshold of 90 billion cubic feet of gas.
It is now in the process of setting up a data room for potential farm-in partners, highlighting that initial industry interest had already been seen.
A ‘farm-in’ well, targeting the Barracuda prospect, is planned for drilling in the second half of 2025.
“I am confident that we will be able to secure a suitable partner on EG-08 to carry us through the drilling of an exploration well on the Barracuda prospect,” chief executive Will Holland said.
“Whilst the setting up of the data room has taken slightly longer than expected, I am delighted with the additional information that can now be offered to potential farminees.
“Given the proximity to existing infrastructure, any discovery can be brought online quickly, resulting in impressive economic returns.”
Holland added: “The technical work has not only increased the prospectivity of the block by 50% to over 2TCFe, but also further de-risked the Barracuda prospect by identifying gas in the O-2 well, which we will be drilling up-dip from on the same structure.”