Europa Oil & Gas (Holdings), the AIM quoted West Africa, UK and Ireland focused oil and gas exploration, development and production company, has entered into a Revenue Swap Agreement ('RSA') with a Canadian investment company, whereby Europa will pay an amount equating to 4.5% of the gross revenues resulting from the oil production of the Wressle 1 well to the Investor in consideration for US$500,000, which is paid upfront. The RSA is unsecured and the payments are payable with effect from 1 May 2025. A further announcement will be made upon receipt of the consideration.
William Holland, Chief Executive Officer of Europa, said: 'I am pleased that we have concluded this pre-payment of a small proportion of our Wressle production. It brings forward a small part of our cashflows from the Wressle 1 well and is a financing method that is non-dilutive to our shareholders and will not impact our ability to secure project financing for the Wressle development, which will help unlock the substantial undeveloped resources and upside at Wressle.'
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Source: Europa Oil & Gas
