Europa Oil & Gas (Holdings) plc, the AIM traded UK and Ireland focused oil and gas exploration, development and production company, announces that following the acquisition of Shale Petroleum (UK) Limited (SPL) for a nominal consideration of £1 (see announcement of 15 August 2016 for further details), it has re-assigned a 10% interest in UK onshore licence PEDL 343 (the Licence) to Arenite Petroleum Limited.
The acquisition of SPL resulted in Europa’s interest in PEDL343 increasing from 22.5% to 45%. Following the re-assignment, which is in accordance with an existing commercial arrangement, Europa’s interest in the Licence is 35% alongside Arenite Petroleum Limited (15%), Third Energy UK Gas Limited (20%), Egdon Resources UK Limited (17.5%) and Petrichor Energy UK Gas Limited (12.5%).
PEDL343 is operated by Third Energy and contains the Cloughton gas discovery made by Bow Valley. An exploration well in 1986 flowed a small amount of gas to surface on production test from Carboniferous sandstone reservoirs. Europa regards Cloughton as a gas appraisal opportunity.
