2nd Mar 2022 18:16
Europa Oil & Gas Holdings PLC - exploration and production company focussed on Morocco and Ireland - Notes that DNO North Sea UK Ltd will exercise its rights to terminate the sale and purchase agreement with Europa for Frontier exploration licence 3/19 offshore Ireland.
Europa also announces its intent to raise up to GBP7.0 million through placing and PrimaryBid retail offer of shares at 1.8 pence each. Proceeds from the fundraise will go towards the acquisition of a firm-in of UK Continental shelf block 13/23c, also known as Serenity in the North Sea.
Under the deal, Europa will pick up a 25% non-operating interest in Serenity by paying 48% of the appraisal well cost. Serenity is expected to be drilled during 2022 at a gross cost of GBP14 million.
i3 Energy PLC notes that announcement, and expects to retain a 75% operating interest in the block.
Current stock price: 2.70 pence, down 14% on Wednesday
12-month change: up 96%
By Dayo Laniyan; [email protected]
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