Europa indirectly holds an 80% working interest in the EG-08 PSC.

The Minister of Hydrocarbons and Mining Development for Equatorial Guinea has granted a 12-month extension to Europa Oil & Gas (Holdings) plc on the initial two-year period of the EG-08 production sharing contract

This is in accordance with the exploration periods and their extensions set out in Article 2 of the PSC, as well as with the PSC amendments recognised in Articles 29.1 and 9 of the Hydrocarbons Law. Europa has a 42.9% equity interest in Antler Global Limited, which holds an 80% working interest in the EG-08 PSC, with the remaining 20% held by GEPetrol (Guinea Equatorial de Petroleos), the national oil and gas company of Equatorial Guinea, representing the State’s interest. The formalities to finalise the extension are ongoing and are expected to be completed in the coming days.

William Holland, chief executive officer of Europa, said, “I am pleased to have secured the Ministers' approval for this extension which will provide plenty of time to finalise the farm out process for EG-08, where we continue to make good progress. Concurrently, the technical team are working on detailed engineering plans for drilling the Barracuda prospect, which we hope to spud in 2026.”

The North Cleopatra block is located offshore Egypt. (Image source: QatarEnergy)

Establishing further presence beyond the North El-Dabaa block in the Arab Republic of Egypt, QatarEnergy will be acquiring a 27% interest in the North Cleopatra block as well

As the energy major from the Middle East signed an agreement with Shell, shares on the block currently stands at 36% participating interest for Shell as operator, followed by Chevron (27%) and Tharwa Petroleum Company (10%).

Commenting on the agreement, Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the president and CEO of QatarEnergy, said, “We are pleased to secure this additional exploration acreage, which further expands our upstream exploration activities in the Arab Republic of Egypt.”

“We would like to take this opportunity to thank the Egyptian Ministry of Petroleum and Mineral Resources, and our partners in the block for their valued support and cooperation. We look forward to working together and delivering our exploration objectives,” he added. 

The North Cleopatra block is located offshore Egypt in the frontier Herodotus basin and is north and adjacent to the North El-Dabaa block, where QatarEnergy holds a 23% participating Interest. The North Cleopatra block covers an area of over 3,400 square kilometers in water depths of up to 2,600 meters.

The gas resources confirm commercial value of 26m of net pay.

The Volans-1X exploration well on Block 2914A that falls under the Petroleum Exploration License 85 (PEL85) offshore Orange Basin has revealed rich-gas condensate bearing reservoirs for Rhino Resources Namibia

The gas resources confirm commercial value of 26m of net pay for partners driving the PEL85 -- Rhino Resources (42.5%), Azule Energy (42.5%), NAMCOR (10%), and Korres Investments (5%). 

Following the drilling campaign with Northern Ocean’s semi-submersible Deepsea Mira that helped penetrate the Upper Cretaceous target, the reservoir showed excellent quality petrophysical properties and no observed water contact at a total depth of 4,497.5m TVDSS.

Hot shot laboratory analysis on two samples (at the top and base of the reservoir interval) showed a high condensate to gas ratio (CGR) of >140 and a liquid density of around 40° API gravity. Hydrocarbon samples and sidewall cores were collected through intensive wireline logging operations. Laboratory studies will continue to be conducted on the rest of the fluid samples, side wall cores and cuttings collected during the campaign.

As Volans-1X laboratory testing activities continue, the CEO of Rhino, Travis Smithard said, “Rhino, on behalf of the PEL85 JV, are delighted to announce the discovery of a high liquid-yield gas condensate in excellent quality reservoir at the Volans-1X well. This is our third consecutive hydrocarbon discovery on the Block and further enhances our understanding of the sub-surface. This well result opens up an exciting new play fairway within the licence, identifying different reservoir and fluid type in this well from the recent discoveries made at Sagittarius-1X and Capricornus-1X. Rhino, in collaboration with our partners Azule Energy, NAMCOR and Korres will now evaluate the results of the ongoing testing and integrate them into blockwide prospectivity studies.”

The sale of its Kenya subsidiary marks Tullow’s exit from the country after 14 years.

Tullow Oil plc has completed the sale of its entire working interest in Kenya to Auron Energy E&P Limited, an affiliate of Gulf Energy Ltd, following satisfaction of all conditions precedent under the previously announced Sale and Purchase Agreement

Tullow has received the full proceeds of Tranche A (US$40mn) under the terms of the SPA. The transaction represents the sale of 100% of the shares in Tullow’s subsidiary Tullow Kenya BV, which holds Tullow’s entire working interests in Kenya, for a minimum cash consideration of US$120mn, subject to customary adjustments. The transaction proceeds will be used to strengthen Tullow’s balance sheet.

The sale of its Kenya subsidiary marks Tullow’s exit from the country after 14 years. Tullow retains royalty payments, subject to certain conditions, and a no cost back-in right for a 30% participation in potential future development phases.

Ian Perks, CEO of Tullow, said, “The successful completion of this transaction marks a significant milestone for the company and the achievement of another one of our key 2025 strategic priorities. The use of proceeds helps to further strengthen our balance sheet and I would like to thank the team for their hard work and commitment, which have helped position the company strongly as we look to refinance our capital structure this year.

"On behalf of everyone at Tullow, I extend our best wishes to the people and Government of Kenya and wish Gulf Energy every success as they advance this project.”

Paul Limoh, CEO, Gulf Energy Ltd, said, “We are delighted to complete this transaction and to bring these assets under the stewardship Gulf Energy Ltd. This project will play an important role in advancing Kenya’s domestic energy sector, creating opportunities for growth and development in the Turkana region, as well as supporting the country’s long-term energy security. We thank Tullow for its years of investment and commitment, and we look forward to building on that foundation as we work with partners and stakeholders to take the project forward.”