Europa Oil & Gas, the AIM quoted West Africa, UK and Ireland focused oil and gas exploration, development and production company, has announced that, in accordance with the exploration periods and their extensions set out in Article 2 of the EG-08 production sharing contract ('PSC'), as well as with the PSC amendments recognised in Articles 29.1 and 9 of the Hydrocarbons Law the Minister of Hydrocarbons and Mining Development for Equatorial Guinea ('EG') has granted a 12-month extension to the initial 2-year period of the PSC. Europa has a 42.9% equity interest in Antler Global Limited ('Antler'), which holds an 80% working interest in the EG-08 PSC, with the remaining 20% held by GEPetrol (Guinea Equatorial de Petróleos), 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. As a result of the extension, the first sub-period of Phase 1 of the PSC will expire on 4 October 2026.
As announced on 15 September 2025, the EG-08 block contains 2.196 TCF (Pmean), with the primary prospect being Barracuda which is estimated to be 878 BCF (Pmean).
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.'
Source: Europa Oil and Gas
