London-listed exploration and production company, Europa Oil & Gas, has acquired a working interest in Block EG-08 offshore Equatorial Guinea through a three-million-dollar acquisition of Antler Global.
In partnership with national oil company GEPetrol (20%), Antler Global owns an 80% stake in Block EG-08, located in the Douala Basin.
The deal sees Europa Oil & Gas acquire a 42.9% equity interest in Antler Global, with the funds used to execute a first-year work program that includes the acquisition of existing 3D seismic data and drilling preparations.
Antler Global has identified three drill-ready prospects on the block and is currently seeking a drilling partner. Estimated prospective resources total 1.4 trillion cubic feet of gas equivalent.
“We are very excited about this potentially transformative deal for Europa, which adds another high-impact exploration prospect to our portfolio and ties into our strategic focus to replenish the portfolio with potentially high-impact but relatively low-risk prospects,” said Will Holland, CEO of Europa Oil & Gas.
“Equatorial Guinea is a huge opportunity for us and provides us with near-term drilling activity targeting over one trillion cubic feet equivalent of recoverable resources in an area with a well-developed upstream industry and a very supportive government.”
