Europa Oil & Gas (Holdings) PLC Acquisition of Interest in EG-08 Licence (5381X)
2023年12月21日 - 4:00PM
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RNS Number : 5381X
Europa Oil & Gas (Holdings) PLC
21 December 2023
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
21 December 2023
Europa Oil & Gas (Holdings) plc
("Europa" or the "Company")
Acquisition of Interest in EG-08 Licence - Equatorial Guinea
Europa Oil & Gas (Holdings) plc, the AIM quoted UK, Ireland
and West Africa focused oil and gas exploration, development and
production company, is pleased to announce that it has acquired a
42.9% equity interest in Antler Global Limited ("Antler") via a
US$3 million cash subscription for new ordinary shares in Antler
(the "Subscription"). Antler holds an 80% working interest in the
recently acquired and highly prospective EG-08 production sharing
contract ("PSC"), offshore Equatorial Guinea, with Guinea
Ecuatorialde Petroleos ("GEPetrol"), the National oil company,
holding the remaining 20%.
This Subscription adds an additional geographical location to
the Company's existing portfolio of assets, and one which the Board
believes has enormous near-term, infrastructure-led, near-field
exploration potential. The Subscription monies received by Antler
will fund the first-year work programme costs, including the
acquisition of existing 3D seismic data, which will be reprocessed
alongside preparations to drill, whilst ensuring all financial
obligations under the EG-08 PSC with the Republic of Equatorial
Guinea (the "State") and GEPetrol, are met.
Whilst the initial two-year term of the licence does not require
the drilling of a well, the Company believes it already has
drill-ready prospects, which consist of three independent targets,
with estimated total prospective resources of 1.4 trillion cubic
feet of gas equivalent (TCFE), based on Company estimates. Antler
will commence a farm-down process with a view to bringing in a
partner for drilling. The resource prospectivity of EG-08 has only
been examined at one stratigraphic horizon, which is analogous to
discoveries made in the adjoining block operated by Chevron.
However, further prospectivity exists in multiple horizons and
these are yet to be evaluated.
Equatorial Guinea ("EG") has an established oil and gas industry
with associated infrastructure and is one of the biggest
hydrocarbons producers in sub-Saharan Africa. There have been
multiple sizable oil and gas discoveries made offshore Equatorial
Guinea over the years, although there has been limited exploration
drilling in the past decade. However, there has been a significant
uptick in upstream exploration and development activity throughout
2023 with further planned for 2024-25.
A presentation with further details can be found on the
Company's website. In addition, the Company is holding a webcast
for retail investors on Wednesday, 3 January 2024 at 2.30 p.m.
(GMT). The presentation will be hosted on the Investor Meet Company
("IMC") platform and is open to all existing and potential
shareholders. Questions can be submitted pre-event via your IMC
dashboard up until 9.00 a.m. the day before the meeting or at any
time during the live presentation. Investors can sign-up for free
and add to meet Europa via:
https://www.investormeetcompany.com/europa-oil-gas-holdings-plc/register-investor
Will Holland, Chief Executive Officer of Europa, said:
"We are very excited about this potentially transformational
deal for Europa, which adds another high-impact exploration
prospect to our portfolio and ties with our strategic approach to
replenishing the portfolio with potentially high impact but
relatively low risk prospects. Equatorial Guinea is an enormous
opportunity for us and provides us with near-term drilling activity
targeting over 1 TCFE of recoverable resource in an area with a
well-developed upstream industry and a highly supportive
government. I am also pleased to report that we have solid support
from many of our institutional investors for this acquisition."
Further Information on the Subscription, EG-08 and Antler
Under the terms of the Subscription, Europa shall pay to Antler
aggregate consideration of US$3 million, payable in four
instalments, with the first being shortly following entering into
the Subscription agreement and the final in October 2024. In
addition, Europa, Antler and its founding shareholders (Paul
Haywood and Christopher Irons) have entered into a shareholder
agreement with customary protections and restrictions, including
that each of Europa and Antler's founding shareholders shall have
the right to appoint one director to the board of Antler; all
decisions made by the board of Antler must be unanimous; and an
agreement that all oil and gas assets in Equatorial Guinea are
covered by area of mutual interest (AMI) provisions. William
Holland shall be Europa's appointee to the board of Antler.
Antler holds an 80% operated interest in the EG-08 PSC with
GEPetrol holding the remaining 20%. The PSC utilises a typical cost
and profit oil structure and includes a state royalty when certain
production targets are met. The PSC was ratified by the State on 4
October 2023. The EG-08 licence has a first exploration period of
four years with a drill or drop deadline after two years. The costs
relating to the first year of the EG-08 PSC are expected to be
satisfied through cash received by Antler under the Subscription
and include all financial, operational and other work programme
related workstreams.
For the year ended 30 September 2022, Antler reported a net
profit of nil and as at 30 September 2022, had net liabilities of
GBP1,014. Antler was established to acquire assets in EG; it
acquired the PSC in May 2023 and as at 30 September 2022, was a
shell company.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014, as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended.
* * ENDS * *
For further information, please visit www.europaoil.com or
contact:
William Holland Europa Oil & Gas (Holdings) mail@europaoil.com
plc
Strand Hanson Limited
James Dance / James Spinney - Nominated & Financial +44 (0) 20 7409
/ Rob Patrick Adviser 3494
+44 (0) 20 7186
Peter Krens Tennyson Securities 9033
Patrick d'Ancona / Finlay + 44 (0) 20 7390
Thomson / Kendall Hill Vigo Consulting 0230
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