Europa Oil & Gas (Holdings) PLC
30 September 2026
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas
30 September 2026
Europa Oil & Gas (Holdings) plc
(“Europa” or the “Company”)
Update on EG-08 Farm-out Agreement
Europa Oil & Gas (Holdings) plc, the AIM quoted West Africa, UK and Ireland focused oil and gas exploration, development and production company, provides an update regarding the binding Farm-out Agreement (“FOA”) signed by its associated company, Antler Global Limited (“Antler”) and Fuhai (Beijing) Energy Limited ("Fuhai"), a wholly owned subsidiary company of the privately owned Fuhai Group New Energy Holding Co., Ltd ("Fuhai Holding") to farm-out a 40% interest in the EG-08 production sharing contract ("PSC") in offshore Equatorial Guinea.
Further to the announcement regarding the FOA to Fuhai on 1 September 2026, the Company reports that the Longstop Date for completion of the transaction has, by mutual agreement, been extended to 30 October 2026.
The FOA has received approval from the Ministry for Mining and Hydrocarbons Department of Equatorial Guinea ("MMHD"), as announced on 29 May 2026, and remains subject to Outbound Direct Investment ("ODI") approval from the Beijing Municipal Development and Reform Commission (“MDRC”). Europa continues to understand that the various Chinese government approvers remain satisfied with the Fuhai ODI application and that Fuhai expects to receive this approval in due course. The new Chinese regulations on outbound investment, that came into force on 1st July 2026, have impacted the speed of the approvals and ODI applications are taking longer than expected. However, the MDRC have indicated that the Fuhai application continues to be processed and is expected to be approved in the near future.
Europa has a 42.9% equity interest in Antler which, on completion of the FOA, will hold a 40% working interest in the EG-08 PSC, and remain as operator. Fuhai will hold 40%, with the remaining 20% held by GEPetrol (Guinea Equatorial de Petróleos), the national oil company of Equatorial Guinea, representing the State's interest.
Despite the delay in ODI approval the Company still expects to drill the Barracuda-1 well at the earliest opportunity, which is expected to be during the first half of 2027.
William Holland, Chief Executive Officer of Europa, said:
“While ODI approval is taking longer than anticipated, the direction of travel is clear. Fuhai's application continues to be processed, and we remain encouraged that the approval is close. We have used this time to ensure that we are fully prepared to commence the drilling process for Barracuda-1 as soon as ODI approval is secured, and we look forward to testing what we believe is a very exciting prospect.”
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
* * ENDS * *
For further information, please visitwww.europaoil.comor contact:
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William Holland
|
Europa Oil & Gas (Holdings) plc |
mail@europaoil.com |
|
Toby Gibbs / George Payne
|
Shore Capital (Nominated Adviser and Broker) |
+44 (0) 20 7408 4090 |
|
Patrick d'Ancona / George Pope / Safia Colebrook |
Vigo Consulting |
+44 (0) 20 7390 0230 |
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