TIDMEOG
RNS Number : 9607F
Europa Oil & Gas (Holdings) PLC
25 March 2022
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
25 March 2022
Europa Oil & Gas (Holdings) plc
('Europa' or 'the Company')
General Meeting Statement
Europa Oil & Gas (Holdings) plc, the AIM quoted UK, Ireland
and Morocco focused oil and gas exploration and production company,
is holding a General Meeting ('GM') later today. At the meeting,
Brian O'Cathain, Chairman of Europa will issue the following
statement:
"I would like to warmly welcome all attendees to this General
Meeting of Europa Oil & Gas. Today, we are asking shareholders
to vote on the conditional raising of GBP7.02 million - and the
subsequent issuing of 390,000,000 new ordinary shares priced at 1.8
pence each - to fund the acquisition of Serenity, UKCS Block
13/23c.
Located in the Central North Sea, the Serenity acquisition is
for a 25% stake in a discovered oil field, which is majority owned
by i3 Energy and requires further appraisal to delineate the field
and progress the Serenity field to the development phase. An
appraisal well is scheduled to be drilled in the late summer this
year, and should it be successful, it will add material value to
existing shareholders as it will de-risk a large volume of
hydrocarbons located close to existing infrastructure. This
acquisition allows Europa to deliver on its promise to diversity
its portfolio by adding an appraisal asset and strengthen Europa's
existing producing and high impact exploration assets.
To this end, the board and I firmly believe that the opportunity
to acquire the stake in Serenity is ideal, not just from a growth
perspective but also from a strategic perspective as it complements
our existing asset base.
In addition, the timing of this proposed acquisition is also
highly appropriate, given the recent political focus on the
development of North Sea oil and gas resources and the securing of
UK domestic energy supplies in light of recent geopolitical events.
Oil is considered essential to the global energy transition to Net
Zero, a theme which is at the forefront of the current UK and
international energy policy agenda.
With drilling set to start in the late summer, we regard
Serenity to be a highly exciting asset with the potential to
deliver significant near-term value to our shareholders and could
provide sufficient recoverable volumes for a standalone
development. The well planning for the appraisal well has already
been completed by i3 Energy, which has extensive regional
subsurface knowledge and operational experience, and is thus an
excellent partner and operator to deliver on Serenity's
potential.
As previously outlined, the proposed acquisition of Serenity
would see Europa earn a 25% interest by paying 46.25% of the
appraisal well cost, equating to a 1.85 to 1 carry. The Carry is
capped at a gross well cost of GBP15 million, of which our interest
would total GBP6.94 million. Following this initial capital
injection, each party would thereafter fund its interests
proportionally.
I would like to thank our brokers, Tennyson Securities and Tuner
Pope, who acted as brokers to the GBP7.02m fundraise, and as such,
will be awarded broker warrants as part of their fees. Following
shareholder approval of the fundraise, Tennyson will receive
11,725,000 warrants and Turner Pope 417,667 warrants, both with a
price of 1.8 pence and valid for three years.
Finally, I would like to note that our CEO, Simon Oddie,
Director, William Ahlefeldt-Laurvig and I all participated in the
placing, which I hope marks an unequivocal endorsement of our
unerring confidence in the proposed acquisition and the enormous
potential it can deliver.
We hope you will show us your support as we seek to catapult
Europa into the next stage of its growth trajectory at a time when
energy security and stability of supply is of critical importance
globally."
* * ENDS * *
For further information please visit www.europaoil.com or
contact:
Simon Oddie/Murray Johnson Europa Oil & mail@europaoil.com
Gas
Christopher Raggett / Simon +44 (0) 20 7220
Hicks finnCap Ltd 0500
+44 (0) 20 3657
James Pope / Andy Thacker Turner Pope 0050
+44 (0) 20 7186
Peter Krens/Pav Sanghera Tennyson Securities 9030
+44 (0) 20 7236
Oonagh Reidy/ Ana Ribeiro St Brides Partners 1177
Notes to Editors
Europa Oil & Gas (Holdings) plc has a diversified portfolio
of multi-stage hydrocarbon and renewable energy assets, which
includes production, development and exploration interests, in
countries that are politically stable, have transparent licensing
processes, and offer attractive terms. In the year to 31 July 2021,
Europa produced 93 boepd. Production has since increased to over
200 boepd with the Wressle field production. The Company holds two
exploration licences offshore Ireland, which have the potential to
host gross mean un-risked prospective resources of 1.5 trillion
cubic feet ('tcf') gas. Inishkea is a near field gas prospect in
the Slyne Basin, which the Company classifies as lower risk due to
its close proximity to the producing Corrib gas field and
associated gas processing infrastructure. In September 2019, Europa
was awarded a 75% interest in the Inezgane permit offshore Morocco.
Initial results of technical work have identified 30 prospects and
leads that have the potential to hold in excess of one billion
barrels of unrisked oil resources. In December 2021, Europa
announced a collaboration between Baker Hughes and CausewayGT to
conduct a geothermal clean heat project at the Company's West
Firsby field. If this project is successful, it will prove the
operational ability to extract and use geothermal heat from the
site.
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