Europa buys Shale Petroleum for £1
AIM-listed Europa Oil & Gas said August 15 it has completed its acquisition of privately-held Canadian independent Shale Petroleum for £1 ($1.3). The deal brings Europa more equity in exploration blocks, subject to UK Oil & Gas Authority approval.
Both licences were awarded in the 14th UK Landward Licensing Round. Europa’s interest in Ineos-operated PEDL 299, containing the Hardstoft oil field, in the East Midlands will increase from 16.66% to 33.32% while its interest in Barclays-owned Third Energy-operated PEDL 343 in northeast England, where the aim is to appraise the Cloughton gas discovery made in 1986, will rise from 22.5% to 45%. In view of the cost of work programmes at the above, Europa chose not to accept the award of PEDL 286 “Goole” in northeast England (where its stake would have increased from 50% to 100%).
Map of Europa's interests gained in the UK 14th licensing round (Map credit: Europa Oil & Gas)
A competent person’s report on Hardstoft, issued by licence partner Upland Resources, identified gross contingent resources of 3.1mn bbls oil (2C) and 18.5 mm bbls (3C) in PEDL 299.
Europa has modest onshore UK production, and exploration interests onshore the UK and France, and on- and offshore Ireland. In the UK its interests include both conventional and unconventional exploration targets. Total, Engie, IGas and Ineos have nearby East Midlands shale gas acreage.
Mark Smedley