LONDON, UK: Europa Oil & Gas (Holdings) plc, a UK-based oil and gas company with interests in Ireland and West Africa, has invested US$3 million in Antler Global Limited, a company that holds an 80% stake in a promising offshore licence in Equatorial Guinea.
The deal gives Europa a 42.9% share in Antler and access to the EG-08 production sharing contract, which covers three drill-ready targets with an estimated 1.4 trillion cubic feet of gas equivalent.
Antler plans to find a partner for drilling and explore further potential in the licence area, which is adjacent to a Chevron-operated block. Equatorial Guinea is a major oil and gas producer in sub-Saharan Africa, with a growing upstream activity.
Will Holland, Chief Executive Officer of Europa, said: “We are very excited about this potentially transformational deal for Europa, which adds another high-impact exploration prospect to our portfolio and ties with our strategic approach to replenishing the portfolio with potentially high impact but relatively low risk prospects. Equatorial Guinea is an enormous opportunity for us and provides us with near-term drilling activity targeting over 1 TCFE of recoverable resource in an area with a well-developed upstream industry and a highly supportive government. I am also pleased to report that we have solid support from many of our institutional investors for this acquisition.”
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