DUBLIN, Ireland — Europa Oil & Gas has paid $3 million to acquire a 42.9% equity interest in London-based Antler Global.
Antler has an 80% working interest in a recently awarded production-sharing contract for the EG-08 Block offshore Equatorial Guinea, with state-owned GEPetrol holding the remaining 20%.
The cash investment will help Antler cover first-year work program costs, including the acquisition of existing 3D seismic data, which it plans to reprocess alongside preparations to drill.
Although the license’s initial two-year term carries no obligation to drill a well, the company believes it already has three drill-ready prospects with estimated prospective resources totalling 1.4 Tcf of gas equivalent.
Antler plans to bring in a partner for drilling via a farm-down process.
According to Europa, prospectivity over the block has only been investigated at one stratigraphic horizon, which is analogous to Chevron’s discoveries in the adjoining block. There is known prospectivity in other horizons that have yet to be evaluated.