Europa Oil & Gas has received a one-year extension from the Minister of Hydrocarbons and Mining Development for Equatorial Guinea for the initial two-year period…
Europa Oil & Gas has received a one-year extension from the Minister of Hydrocarbons and Mining Development for Equatorial Guinea for the initial two-year period of the EG-08 production sharing contract (PSC), with the plans for drilling of the Barracuda prospect set for 2026.
Europa Oil & Gas holds a 42.9% equity interest in Antler Global, which has an 80% working interest in the EG-08 PSC. The remaining 20% is held by GEPetrol, the national oil and gas company of Equatorial Guinea, representing the state’s interest.
Formalities to finalize the extension are ongoing and expected to be completed in the coming days. As a result, the first sub-period of Phase 1 of the PSC will now expire on October 4, 2026.
The EG-08 block contains 2.196 trillion cubic feet (TCF) of gas (Pmean), with the primary prospect Barracuda estimated at 878 billion cubic feet (BCF) (Pmean).
“I am pleased to have secured the Minister’s approval for this extension which will provide plenty of time to finalize the farm out process for EG-08, where we continue to make good progress. Concurrently, the technical team are working on detailed engineering plans for drilling the Barracuda prospect, which we hope to spud in 2026,”
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