Europa O&G Exits Romania Cuejdiu License
Europa Oil & Gas (Holdings) plc announced that as part of an on-going review of the Company's assets by the new management, it has decided, in tandem with its partners Aurelian Petroleum SRL (45%) and SNGN Romgaz SA (37.5%), to withdraw its 17.5 percent working interest from the Block EIII-3 Cuejdiu Concession Agreement in Romania. The Company remains focused on advancing and developing its core assets including the Berenx gas appraisal project in onshore France as well as its UK assets which include three producing fields and a number of exploration licenses.
Europa's CEO, Hugh Mackay commented, "Following an in depth review of our entire portfolio, we concluded that Block EIII-3 Cuejdiu was a non-core asset and we have therefore decided to join with our partners and withdraw from the Concession Agreement. We continue to make good progress in advancing our highly prospective asset base, be it in the form of continuing farm-in negotiations for a number of our licenses or undertaking technical work out in the field. With this in mind, I look forward to providing the market with updates on our progress at our core projects, particularly in France and the UK, in due course."
The end of Phase II of the four year Extension Period of the Initial Exploration Period for the Cuejdiu license was May 20, 2012.
Exploration costs of $2.05 milion (GBP 1.3 million) previously incurred by the Company associated with the Cuejdiu concession will be written off. In addition, a further non-cash charge of $2.05 milion (GBP 1.3 million) in relation to the Company's withdrawal from the Brodina concession as announced on January 20, 2012 has also been taken.
Following its withdrawal from the Cuejdiu concession, Europa has interests in two concession areas in Romania: EPI-3 Brates and EIII-4 Bacau North A (Bacau). Discussions with potential partners regarding farming-in to Europa's 100 percent interest in the Brates concession, which holds the Barchiz prospect, are on-going. The Bacau concession, in which Europa holds a 19 percent interest, is operated by SC Raffles Energy SRL. Work on maturing prospects in the Bacau concession continues.
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