Europa Oil & Gas (Holdings) plc’s investee, Antler Global Ltd, has received state approval to complete the farm-out of the EG-08 gas production sharing contract, offshore Equatorial Guinea.
RIG
Fuhai (Beijing) Energy Ltd will drill the Barracuda prospect and hold 40% of the PSC.
Europa has a 42.9% equity interest in operator Antler which, on completion of the farm-out agreement, will hold a 40% working interest in the PSC, which is located within the Douala Basin.
National oil company GEPetrol (Guinea Equatorial de Petróleos) will own the remaining 20%.
Drilling on the Barracuda-1 well is expected to begin early 2027.
Europa said analysis showed that EG-08 contained prospective resources of 2.213 trillion cubic feet, of which 380 billion cubic feet equivalent is net to Europa.
Barracuda holds Pmean of gross unrisked prospective recoverable resources of 893 bcf equivalent hydrocarbons.
The Ministry for Mining and Hydrocarbons Department of Equatorial Guinea granted the approval.
The transaction is yet to receive consent from Overseas Direct Investment from the Shandong Provincial government.
Europa chief executive officer William Holland said: “Alongside our partners at Fuhai, we have been working hard to assemble the drilling team needed to spud the Barracuda-1 well at the earliest opportunity.
“Once we have received ODI approval, we will then be able to secure a rig.”