The National Office of Hydrocarbons and Mines (ONHYM) is preparing to grant a new oil exploration permit on the Moroccan coast to the British company Europa Oil & Gas.
The UK oil and gas exploration, development and production company Europa Oil & Gas announced on Wednesday (18 September) that ONHYM will issue a new exploration permit, the Inezgane Offshore, covering an area of 11,228 square kilometers in the Agadir basin, off the coast of Morocco.
The company added that an official letter of attribution is expected shortly and that, after confirmation of its acceptance, Europa would be allocated 75% of the interest in the license and would manage it with the ONHYM. The latter would hold the remaining stake of 25%.
The holding company Europa Oil & Gas is listed on the London Stock Exchange. It has a diversified portfolio of hydrocarbon assets at various stages of the development cycle, including high-impact exploration in Ireland and UK oil production revenues.
Europa is a leading explorer in Atlantic Ireland with six exploration licenses. Its combined average gross potential resources are estimated at 6.2 billion barrels of oil and 2.5 billion cubic feet of undiscovered gas initially available in Atlantic Ireland. Its current production capacity is 95 barrels of oil per day from three offshore oil fields in the United Kingdom and a net volume of 150 billion barrels awaiting development at Wressle.