Europa Oil & Gas (Holdings) plc will drill in the EG-08 production sharing contract (PSC) offshore Equatorial Guinea after completing a farm out.

The binding farm out agreement (FOA) was signed by Europa affiliate Antler Global Ltd. and Fuhai (Beijing) Energy Ltd., a wholly owned subsidiary of Fuhai Group New Energy Holding Co. Ltd.

Further to the announcement regarding the FOA on July 31, 2026, the longstop date for completion of the transaction has, by mutual agreement, been extended to Sept. 30, 2026, the company said.

The FOA has received approval from the Ministry for Mining and Hydrocarbons Department of Equatorial Guinea (MMHD) but remains subject to outbound direct investment (ODI) approval from the Beijing Municipal Development and Reform Commission (MDRC).

Despite the ODI delay, Europa said expects to drill the Barracuda-1 well in early 2027.

Operator Europa holds 42.9% equity interest in Antler and, on completion of the FOA, will hold a 40% working interest in the EG-08 PSC, remaining as operator on behalf of partners Fuhai (40%) and GEPetrol (Guinea Equatorial de Petróleos; 20%).