Europa Oil & Gas (Holdings) PLC (AIM:EOG) told investors it will no longer be acquiring Frontier Exploration Licence (FEL) 3/19 which is located near the Corrib gas field, offshore Ireland.
The company, in a stock market statement, said it has received notification from the seller, DNO, that it wishes to exercise its rights to terminate the sale and purchase agreement which was entered into in June 2020.
The deal, previously agreed subject to regulatory approval, would’ve seen Europa acquire prospective acreage near its potential 1.5 trillion cubic feet Inishkea project.
It would’ve acquired the asset for a nominal upfront fee and paid out a 5% net profits interest to DNO.