Europa Oil & Gas (Holdings) PLC ended the initial period of the Inezgane license offshore Morocco. Europa has decided not to progress to the first extension period.
In the first 2 years of the license, Europa planned to reprocess 1,300 sq km of 3D seismic data and conduct other technical studies with an option to drill an exploration well or relinquish the license (OGJ Online Sept. 20, 2019).
During the initial period, the technical team identified multiple exploration prospects, but Simon Oddie, chief executive officer of Europa, said: “It has been a difficult decision not to progress to the first extension period, as Inezgane offers significant exploration potential. However, progressing to the next stage would have required Europa to commit to drilling an exploration well, which we could not justify without obtaining another partner.”
Europa is in the final stages of completing all its obligations for Inezgane and expects to complete the final relinquishment report shortly. Once this final obligation has been satisfied the bank guarantee of $315,000 will be released and repaid to Europa, following which the company will have no further interests associated with Inezgane.