16th Feb 2015 09:13
LONDON (Alliance News) - Europa Oil & Gas (Holdings) PLC on Monday said it has signed a farm-out agreement in relation to the Tarbes Val d'Adour permit in France with Vermilion REP SAS, a unit of Canadian energy company Vermilion Energy Inc.
Under the deal, Vermilion has acquired an 80% interest and operatorship of Tarbes, with Europa to retain the other 20% interest in the permit. Europa did not provide any financial details on the farm-out agreement.
"2015 promises to be an exciting year with operations at Wressle and Kiln Lane continuing as previously announced. We will provide further updates with respect to progress when appropriate," said Europa Chief Executive Officer Hugh Mackay.
"We also anticipate the possibility of expanding our UK portfolio via the 14th onshore licensing round and most importantly a drill decision by Kosmos on our Irish licenses. Following on from our announcement last week about testing oil at Wressle completing the first French farmout is another good start to the year," Mackay added.
Shares in Europa were untraded on Monday morning, having last traded at 5.30 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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