Both partners have entered into detailed commercial discussions.

Europa Oil & Gas' associated company, Antler Global Limited, will be farming out an interest in the EG08 production sharing contract (PSC) offshore Equatorial Guinea by a non-binding Heads of Terms with a major energy company 

Both partners have entered into detailed commercial discussions to advance the farm out agreement, which will become official once approved by the Minister for Energy of Equatorial Guinea. 

Europa has a 42.9% equity interest in Antler which in turn holds an 80% working interest in the EG-08 PSC, with the remaining 20% held by GEPetrol (Guinea Equatorial de Petroleos), the national oil company of Equatorial Guinea, representing the State’s interest.

The EG-08 block contains 2.116 TCF (Pmean), with the primary prospect being Barracuda which is estimated to be 798 BCF (Pmean).

William Holland, chief executive officer of Europa, said, “The signing of these heads of terms is a very positive step forward and comes after an extensive period of negotiations with what we believe is an excellent partner. Although there are no guarantees, I am confident that we will progress to signing a farm out agreement in the coming months and will then move to drilling the Barracuda well as soon as possible thereafter. I look forward to updating the market of our progress in due course.”

The Kavango West 1X well was spud on July.

As drilling begins in the Kavango West 1X exploration well, Reconnaissance Energy Africa reports that this development was a reprioritisation following the Naingopo drilling 

Spud on July, the Kavango West 1X exploration prospect will be drilled to reach total depth of approximately 3,800 m by the end of November 2025. It will penetrate over 1,500 m of Otavi carbonate reservoir section, which is the primary target of the Damara Fold Belt play. Modern 2D seismic data shows the prospect as a large structural fold, extending over 22 kms long by 3 kms wide. The Damara Fold Belt trend has projected 19 prospects and four leads, with an additional 5.0 mn acres captured in a recently executed memorandum of understanding in offsetting Angola. 

Brian Reinsborough, president and CEO, said, “We are pleased to announce that we have started drilling the Kavango West 1X well. This is an exciting time for everyone at the company, our partners and stakeholders in Namibia and, of course, shareholders alike. Originally, the Kavango West 1X location was not scheduled to be the next well, but the location was reprioritised after the results of our last well, Naingopo. While this reprioritising resulted in a slightly longer lead time to spud this location, the company prioritises rigorous technical appraisal with respect to location selection to ensure we have the best possible chance for commercial success. We think that the Kavango West 1X prospect represents our best opportunity in the Damara Fold Belt to unlock the potential of this play and we look forward to reporting results expected before year-end 2025.”

Chris Sembritzky, senior vice president-exploration, said, “By utilising our learnings from the Naingopo well, Kavango West 1X represents the best opportunity we have identified on seismic in the Damara Fold Belt play due to its size, hydrocarbon migration pathway and well defined four-way closure. With our new subsurface learnings, highly experienced drilling crew and optimised, built for purpose drill bits, we believe that we have captured the best possible chance for drilling an efficient, safe and commercially successful well.”

BW Energy delivered a strong first half of 2025.

BW Energy has recorded solid operational performance in the first half of 2025

This was the result of high production uptime, competitive cost levels, and a solid safety record with zero lost time incidents. The year's highlights are when the company reached final investment decisions on both the Maromba development and the Golfinho Boost project. Also, the company expanded its resource base as it made a significant discovery of 25 million barrels of oil at the Bourdon prospect in the Dussafu area. It has acquired operatorship of the BW Adolo FPSO as well. 

These developments have enabled strong cash generation and a resilient financial structure for the company.

Carl Arnet, CEO of BW Energy, said, “BW Energy delivered a strong first half of 2025, with production above the upper end of our guidance range and operating costs at significantly more competitive levels than in 2024. This reflects continued focus on safe, efficient operations and disciplined cost management across the portfolio.

"During the period, we moved key development projects into execution, marking an important step forward in our growth strategy. The Maromba development in Brazil is now underway and will be transformative for BW Energy, increasing production to more than 90,000 barrels per day in 2028.

"Furthermore, we strengthened our portfolio, confirming new resources at the Bourdon prospect in the Dussafu licence. These are highly profitable barrels that highlight our strategy of leveraging existing infrastructure and pursuing fast‑track developments to accelerate value creation.

"Our financial foundation remains robust, with low leverage and strong underlying cash generation. This gives us the resilience to navigate market volatility while continuing to deliver growth and long‑term value for our shareholders.”

The sale of its Gabon assets marks Tullow’s exit from its licences in Gabon after 21 years.

The Gabon Oil Company has acquired all of Tullow Oil's assets in Gabon in terms with a sale and purchase agreement signed between the two partners

Full proceeds now with Tullow, the transaction represents the sale of 100% of the shares in Tullow’s subsidiary, Tullow Oil Gabon SA. The subsidiary holds Tullow’s non-operated working interests in Gabon, for a total cash consideration of US$307mn net of tax and customary adjustments.

The sale of its Gabon assets marks Tullow’s exit from its licences in Gabon after 21 years. The transaction proceeds will be used to strengthen Tullow’s balance sheet by materially reducing Tullow’s net debt.

Richard Miller, chief financial officer and interim chief executive officer of Tullow, said, “Today’s news represents another key milestone that accelerates the deleveraging of Tullow. I am pleased with the momentum we have at Tullow, and I look forward to this continuing in the weeks and months ahead. Our immediate focus is on successfully completing the Kenya transaction in 2025 and the current Ghana drilling campaign with the first well, a Jubilee producer, now onstream.”