Europa Oil & Gas Holdings Plc (LON:EOG) chairman Simon Oddie has told investors that the company is pursuing a new venture opportunity in Morocco, to add to the high-potential exploration offshore Ireland and its bogged down English projects.
In 2018, the junior oil and gas firm racked up project milestone and acheivements for its ‘pre-drill’ offshore Ireland assets - culminating in ongoing farm-out talks with ‘a major international oil and gas company’ for the flagship Inishkea project.
At the same time, however, Europa’s English projects have been stymied in local government planning offices, with both the Wressle and Holmwood projects stalling.
Oddie, in a statement ahead of Europa’s AGM later today, said: “Our experience onshore UK during 2018 has vindicated the board’s decision to add a third territory to our portfolio.
“Over the course of the year, we have evaluated a number of potential projects in several new jurisdictions and, as announced on 20 November 2018, we are pursuing a new venture opportunity in Morocco to further diversify our asset base.
“By next year’s AGM Statement, I am confident Europa will not only have a clear line of sight towards the drilling of at least one potentially transformational well offshore Ireland, but also have a portfolio of assets in at least three jurisdictions, all at various stages of development and all contributing to our growing pipeline of opportunities offering significant re-rating potential.”