The Minister of Hydrocarbons and Mining Development for Equatorial Guinea has granted Europa Oil & Gas a 12-month extension to the initial two-year period of the EG-08 production sharing contract. The extension, granted in accordance with Article 2 of the PSC and amendments recognized in Articles 29.1 and 9 of the Hydrocarbons Law, provides additional time for the company to advance its exploration and farm-out activities.
Europa holds a 42.9% equity interest in Antler Global Limited, which controls an 80% working interest in the EG-08 PSC. The remaining 20% is held by GEPetrol, Equatorial Guinea’s national oil and gas company, representing the state’s interest. The formalities to finalize the extension are ongoing and 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 now expire on October 4, 2026.
Chief Executive Officer William Holland welcomed the extension, noting it will provide sufficient time to finalize the farm-out process for EG-08, where the company continues to make solid progress. The EG-08 block contains 2.196 trillion cubic feet of gas resources, with the primary Barracuda prospect estimated at 878 billion cubic feet. Concurrently, the technical team is working on detailed engineering plans for drilling the Barracuda prospect, with operations hoped to commence in 2026.
Sources: oilreviewafrica.com, energy-pedia.com