Europa Oil & Gas has announced the formal launch of the farmout initiative of its high-impact exploration opportunity, the Inezgane Offshore Permit, offshore Morocco in the Agadir Basin
Inezgane represents a high-impact exploration opportunity in a highly underexplored area of the world representing an excellent farm in opportunity for interested companies and complements Europa's existing strategy of seeking to develop a balanced portfolio of assets.
The Licence is located on the same geological trend which has led to major oil and gas discoveries along the west coast of Africa with reservoirs and source rocks in common with the prolific West African play.
Europa's recent evaluation has identified a significant volume of Licence resource, in excess of two billion barrels (oil equivalent), in the top five ranked prospects alone.
Morocco offers excellent fiscal terms with a low tax take and several major and midcap companies hold acreage in Morocco, including ENI, Hunt, Genel and ConocoPhillips.
Simon Oddie, CEO of Europa, said, “Morocco is a welcoming jurisdiction in which to operate and has excellent ESG credentials in the fields of wind, solar and hydroelectric with ambitions to source 50% of its electrical energy from renewable sources by 2030 as well as becoming a net exporter to Europe.”
“In holding a 75% interest in, and operatorship of, the Licence, Europa controls an area of 11,228 sq. km with Morocco's ONHYM holding the remaining 25% interest. The work completed thus far has focused on the top five ranked prospects which each have mean resources in excess of 200 mmboe at the Albian level, with total mean resources in excess of two billion barrels. These are extremely positive numbers for the Company and we hope to capitalise on the prospectivity demonstrated along this prolific geological trend. I look forward to providing further information in due course.”
