Europa Oil & Gas (Holdings) PLC (AIM:EOG) said it and partner Antler Global have kicked off the search for a group to farm into their Equatorial Guinea's EG-08 license area.
Antler, which is 42.9% owned by Europa, began the process in the third quarter, aiming to secure a partner for drilling as early as 2025.
The project is host to an estimated 2.1 trillion cubic feet (TCF) of gas potential, based on recent seismic evaluations.
The EG-08 project is close to existing gas infrastructure, only nine kilometres to the south, which could expedite production if one of the primary prospects is successful.
The update was provided alongside prelims from the UK-listed oil and gas explorer in which it gave a comprehensive overview of the 12 months ended July 31.
In Ireland’s Slyne Basin, Europa has restarted its search for a partner to explore the Inishkea West prospect, which holds an estimated 1.5 TCF of recoverable gas. The license, recently extended to January 2026, is near the Corrib gas field, allowing for a quick tie-back in the event of a discovery.
Meanwhile, Europa reports that production from its Wressle oil field in the UK has dropped to 137 barrels per day from 265 barrels last year, following planned maintenance and increased water content in wells.
Europa intends to improve output by drilling additional wells, subject to planning approval. It also plans to connect Wressle’s associated gas output to a local distribution network.
In the North Sea, Europa allowed its Serenity license to lapse, citing fiscal and regulatory uncertainties. Europa also declined a proposed UK offshore licensing opportunity, prioritising its resources on growth prospects in Equatorial Guinea.
For the year under review, revenues dropped 46% to £3.6 million, while Europa posted a pretax loss of £6.8 million following a non-cash exploration impairment loss of £5 million. It exited the period to July 31 with cash of £1.5 million.
The company is changing its accounting reference date from July 31 to December 31, effective immediately. This means the current accounting period, which began on August 1, 2024, will now end on December 31, 2025.