EGN - Europa Oil & Gas CEO on tremendous chance of success in Equatorial Guinea
(NewsDirect)
Europa Oil & Gas (Holdings) PLC(AIM:EOG) chief executive William Holland speaks to Thomas Warner fromProactive after the exploration and production company announced theacquisition of a 42.9% interest in Antler Global, which in turn ownsan 80% stake in the EG-08 gas asset offshore Equatorial Guinea.
Holland says that the venture,strategically chosen for its geological and geographical familiarity,along with strong in-country connections, represents a compellingvalue with a high risk-reward balance. Adjacent to a Chevron-operatedgas field, the asset includes three gas prospects totalling 1.4trillion cubic feet (TCF) and Holland suggests they each offer a60-70% chance of exploration success.
Holland emphasises the unique seismic response of these sites,boosting the probability of economic discovery to over 90%. He saysthe project, requiring an estimated $40-50 million investment, isparticularly attractive for major oil companies to farm into due toits high-quality data, clear seismic responses, and proximity toexisting infrastructure. Holland credits the deal's success toEuropa's strategic relationships in the industry.
Thecompany aims to farm out the operational aspect, focusing on otherprospects at deeper levels within the license, which hold furtherpotential. This strategy aligns with Holland's broader vision forthe company, which includes ongoing projects in the UK andIreland.
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