Europa Oil & Gas CEO on "tremendous chance of success" in Equatorial Guinea
London, UK
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December 21, 2023 08:11 AM Eastern Standard Time
Europa Oil & Gas (Holdings) PLC (AIM:EOG) chief executive William Holland speaks to Thomas Warner from Proactive after the exploration and production company announced the acquisition of a 42.9% interest in Antler Global, which in turn owns an 80% stake in the EG-08 gas asset offshore Equatorial Guinea.
Holland says that the venture, strategically chosen for its geological and geographical familiarity, along with strong in-country connections, represents a compelling value with a high risk-reward balance. Adjacent to a Chevron-operated gas field, the asset includes three gas prospects totalling 1.4 trillion cubic feet (TCF) and Holland suggests they each offer a 60-70% chance of exploration success.
Holland emphasises the unique seismic response of these sites, boosting the probability of economic discovery to over 90%. He says the project, requiring an estimated $40-50 million investment, is particularly attractive for major oil companies to farm into due to its high-quality data, clear seismic responses, and proximity to existing infrastructure. Holland credits the deal's success to Europa's strategic relationships in the industry.
The company aims to farm out the operational aspect, focusing on other prospects at deeper levels within the license, which hold further potential. This strategy aligns with Holland's broader vision for the company, which includes ongoing projects in the UK and Ireland.
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