Egdon deal expands southern North Sea exploration foothold

Europa Oil & Gas and Arenite Petroleum have agreed to sell their combined 100% equity in promote license P2304 (UK North Sea block 41/24) to Egdon Resources.

Offshore staff

DUBLIN, IrelandEuropa Oil & Gas and Arenite Petroleum have agreed to sell their combined 100% equity in promote license P2304 (UK North Sea block 41/24) to Egdon Resources.

The concession is to the south of Egdon’s 100% owned P1929 license (blocks 41/18 and 41/19) offshore North Yorkshire, eastern England.

Pending approval for the transaction by Britain’s Oil & Gas Authority, Europa expects to recoup some of its past costs and future staged payments, based on the successful completion of various potential exploration activities and/or production milestones.

Europa CEO Hugh Mackay said: “The sale of our interest in P2304 eliminates our exposure to ongoing costs whilst retaining our exposure to future drilling success.

“Furthermore, combining P2304 with Egdon’s license is anticipated to enhance the possibility of delivering farm-out success to the benefit of all parties to the transaction.”

12/06/2017

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