Europa Oil & Gas Holdings PLC (LON:EOG) announced new management changes which see Simon Oddie take on the chief executive role on a permanent basis, with current non-executive director Brian O’Cathain replacing Oddie as chairman.
It comes as the company increasingly focusses on plans to advance lower risk, near infrastructure gas exploration off Ireland’s West Coast.
A package of high potential gas prospects are located in the vicinity Corrib, Ireland’s sole offshore gas field, and a farm-out process aims to bring in a larger industry partner to lead an exploration and, ideally, a field development campaign.
Onshore UK, meanwhile, the culmination of long-awaited development work at the Wressle field promises to boost cashflow.
“I had no hesitation in taking on the role of CEO on a permanent basis as I believe Europa is entering an exciting period in its development, starting with first oil at the Wressle field which is expected later this year, together with advancing our industry-leading exploration position in the proven gas play of the Slyne Basin offshore Ireland, and de-risking the 30 targets we have identified on our large Inzegane permit offshore Morocco,” Oddie said.
He added: “once we see an improvement in market conditions I intend to resume our efforts to add a third leg to our business by securing a late stage appraisal project.
“I look forward to working with Brian in his new capacity as non-executive chairman as well as the rest of the board and management team, as we look to realise the huge potential of our asset base.”