Europa Oil & Gas (Holdings) plc has agreed a third extension to farm-out drilling the Barracuda prospect in the EG-08 production sharing contract, offshore Equatorial Guinea.
Associate company Antler Global Ltd has a binding agreement with Fuhai (Beijing) Energy Ltd, a subsidiary of private firm Fuhai Group New Energy Holding Co. Ltd, for a 40% interest in the PSC.
The parties are awaiting direct investment approval from the Beijing municipal development and reform commission, and set the new long stop date for 30 October 2026.
The delay is a result of new Chinese regulations, introduced on 1 July, on outbound investment, which has affected the speed of approvals.
Drilling on Barracuda-1 well is expected to begin during the first half of 2027.
Europa has a 42.9% equity interest in operator Antler which, on completion of the farm-out will hold a 40% working interest in the EG-08 PSC.
Fuhai will own 40% and national state oil company GEPetrol (Guinea Equatorial de Petróleos) will have 20%.