Europa Oil & Gas (Holdings) Plc (AIM:EOG) chief executive William Holland discusses the company's significant increase in exploration potential offshore Equatorial Guinea with Proactive's Stephen Gunnion.
Holland shared, "We've increased our prospective resources by 50% and now have a gross mean prospective resource of over 2 TCF of gas." This update follows a detailed analysis of seismic data and an old well on the block, leading to better-defined prospects and reduced risks, particularly for the Barracuda prospect.
The enhanced understanding of the block's potential makes it an attractive opportunity for farm-in partners, with Holland noting that several companies have already shown interest. The next steps involve inviting select companies to review the data and make offers for a farm-in well.
This development underscores Europa Oil & Gas's strategic focus on maximising resource potential and partnering with companies to advance exploration efforts.