Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Europa Oil identifies expanded resource on EG-08
(Sharecast News) - Europa Oil & Gas announced a significant update on the EG-08 block on Monday, reporting that an additional 716 billion cubic feet (BCF) of unrisked prospective resources had been identified, bringing the total gross unrisked mean prospective resources on the block to 2.116 trillion cubic feet equivalent (TCFe). The AIM-traded firm said the development followed the acquisition of a 42.9% equity interest in Antler Global, announced in December.
It said the technical teams from both Europa and Antler had thoroughly evaluated seismic data across the three originally-identified prospects and completed a study to identify additional prospectivity on the EG-08 block.
Antler holds an 80% interest in the EG-08 production sharing contract, located offshore Equatorial Guinea, with Guinea Ecuatorialde Petroleos (GEPetrol), the national oil company, holding the remaining 20%.
The board said the re-evaluation of the seismic data had resulted in significant findings with the primary prospect, Barracuda, having a mean prospective resource of 798 BCFe in strata equivalent to the producing Alen Field in Block O, located nine kilometres from Barracuda.
Additionally, 599 BCFe of Pmean was identified in two low-risk tie-in prospects, Cardinal and Arrowhead, within the Alen Strata.
Four additional higher-risk prospects in the Alen Strata were identified with 344 BCFe of Pmean, and two additional leads had a combined 375 BCFe of Pmean.
Revised economic analysis indicated that the minimum gross volume for a commercial discovery could be around 90 BCFe, or 15.2 million barrels of oil equivalent (MMBOE).
With the technical work on the block now complete, the data was being loaded into a data room, which would be accessible to upstream companies in the coming weeks.
Interested companies would be invited to sign confidentiality agreements to gain access to the data.
Several companies had already shown interest in farming into the block.
Europa said Antler aimed to secure a farmin partner to accelerate the drilling of an exploration well, targeting one horizon in the Barracuda prospect with an estimated geological chance of success (GCOS) of 70%.
Future wells would aim to exploit the significant additional upside in Barracuda and throughout the licence.
The recent technical work included a petrophysical evaluation of the O-2 well drilled by Noble Energy in 2007, which encountered gas condensate in the upper section of the reservoir.
Europa said the Farmin Well would target the same reservoir section, up-dip from the O-2 well.
Initial discussions had also started with rig providers to secure a jack-up rig for drilling the Farmin Well in the second half of 2025.
Given the number of rigs operating in the area, there was expected to be good rig availability during the planned drilling period.
"I am very pleased with the progress that Antler and our technical team has made on the EG-08 licence," said chief executive officer Will Holland.
"The technical work has not only increased the prospectivity of the block by 50% to over 2TCFe, but also further de-risked the Barracuda prospect by identifying gas in the O-2 well, which we will be drilling up-dip from on the same structure.
"I am confident that we will be able to secure a suitable partner on EG-08 to carry us through the drilling of an exploration well on the Barracuda prospect."
Holland said that while the setting up of the data room had taken slightly longer than expected, he was "delighted" with the additional information that could now be offered to potential farminees.
"Given the proximity to existing infrastructure, any discovery can be brought online quickly, resulting in impressive economic returns.
"In addition, the block has plenty of additional prospectivity, all of which will be attractive to major upstream companies.
"I look forward to updating the market further as we continue to progress this highly prospective asset located in a region which is well supplied by service companies and supported by an efficient and sophisticated local regulator and ministry."
At 1455 BST, shares in Europa Oil were up 1.39% at 1.17p.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.