Europa gets PSC extension in Equatorial Guinea

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.”