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Europa Oil & Gas expects Morocco permit to be awarded shortly

Europa O&G said it was recently invited by ONHYM to join a panel discussion on Morocco at a recent industry conference

In a letter to shareholders, the group also said activity is increasing on Ireland's Atlantic Margin

Europa Oil & Gas (Holdings) PLC (LON:EOG) has revealed it is close to being awarded an offshore exploration permit on the Atlantic Margin of Morocco.

In a letter to shareholders, the firm said a bank guarantee is the final requirement and once this is in place it will sign the agreements with ONHYM (The National Office of Hydrocarbons and Mines) in Rabat.

Europa pointed out that it was recently invited by ONHYM to join a panel discussion on Morocco at a recent industry conference, underlining its credentials in the country.

Meanwhile, in Ireland, the group said talks are ongoing over farm-outs of three Atlantic margin licences: LO 16/20 (Inishkea), FEL 1/17 (Edgeworth) and FEL 3/13 (Beckett, Shaw and Wilde).

Europa noted that CNOOC’s nearby Iolar well spudded on 28 May and is expected to reach target depth on 5 September.

If successful, this will have beneficial implications for Edgeworth and Kiely East (FEL2/13) with the potential to ‘de-risk 1bn barrels in Europa’s inventory’.

Europa has also submitted applications for three site surveys in Atlantic Ireland to make them drill ready.

In the UK, a planning appeal at Wressle starts on 5 November.

If approved, Wressle would increase Europa’s production to more than 200 barrels per day net.

Quick facts: Europa Oil & Gas Holdings PLC

Price: 1.475 GBX

Market: AIM
Market Cap: £6.56 m

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