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IN BRIEF: Europa Oil & Gas Granted Extension To Inezgane Initial Phase

21st Oct 2020 15:05

Europa Oil & Gas Holdings PLC - UK, Ireland and Morocco-focused oil and gas explorer - Notes that Moroccan regulatory body the Office National des Hydrocarbures et des Mines, has granted a one-year extension to the initial phase of the Inezgane exploration permit to November 2022.

Extension was granted for the time lost as a result of the Covid-19 pandemic, and will allow Europa to complete its ongoing technical programme.

Original duration of the Inezgane permit was eight years, comprising three exploration phases of which the initial phase lasted two years. The phase will now span three years, after which Europa will choose whether to commit to drilling one well in the second phase or relinquish the licence.

Europa holds a 75% operating interest in the licence, covering an 11,228 square kilometres in the Agadir basin.

Current stock price: 1.20 pence

Year-to-date change: down 55%

By Dayo Laniyan; [email protected]

Copyright 2020 Alliance News Limited. All Rights Reserved.


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