Europa Oil & Gas Advances Major Farm-Out Deal for Equatorial Guinea Project
Europa Oil & Gas has made significant progress in securing a strategic partner for its EG-08 production sharing contract in Equatorial Guinea. The company’s associated entity, Antler Global Limited, has entered detailed commercial discussions and signed non-binding Heads of Terms with a major energy company to farm-out an interest in the offshore project.
Europa maintains a 42.9% equity interest in Antler, which holds an 80% working interest in the EG-08 PSC, with the remaining 20% held by GEPetrol, Equatorial Guinea’s national oil company. The EG-08 block contains substantial reserves of 2.116 TCF with the primary Barracuda prospect estimated at 798 BCF.
Chief Executive Officer William Holland expressed optimism about finalizing the farm-out agreement and progressing to drilling operations in the coming months. The development marks a crucial step forward for Europa’s strategic plans, though the agreement remains subject to approval from Equatorial Guinea’s Minister for Energy.
While financial and operational challenges have impacted Europa’s recent performance, the farm-out agreement offers enhanced cash flow prospects and improved positioning in the oil and gas industry.
Sources: energy-pedia.com, tipranks.com
