Europa Oil & Gas chief executive highlights entry to Equatorial Guinea in half-year results
London, UK
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April 18, 2024 08:42 AM Eastern Daylight Time
Europa Oil & Gas (Holdings) PLC (AIM:EOG) chief executive William Holland takes Proactive's Stephen Gunnion through the company's first-half performance, highlighting its entry into Equatorial Guinea, marking its expansion into new territory with the strategic acquisition of a 42.9% interest in Antler Global, giving it a substantial stake in the EG-08 gas asset.
Holland said the venture is considered a groundbreaking, drill-ready joint venture, with the potential for high success in gas exploration due to favourable geological findings similar to nearby successful fields.
Further, Holland detailed the progress in assessing additional prospectivity of deeper horizons in Equatorial Guinea, with future announcements planned as the company seeks a partner for exploration drilling.
Europa Oil & Gas also secured a two-year licence extension in offshore Ireland. The positive development followed extensive seismic reprocessing efforts that enhanced imaging and reduced risks associated with the project, particularly around the Inishkea West prospect.
On UK operations, Holland touched on the ongoing monetization efforts for the Serenity oil discovery in the North Sea and discussed operational challenges and developments at the onshore UK sites, including the Wressle's recent downtime and upcoming drilling plans.
Lastly, Holland noted the recent appointment of two new directors, enhancing the board's strategic and scientific expertise, reiterating the company's strong governance structure.
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