UK Junior Europa Oil & Gas reported Tuesday that it was giving up its licenses in Romania and the Saharawi Arab Democratic Republic (SADR) in line with its strategy of focusing on offshore Ireland and onshore projects in the UK and France.
Europa is relinquishing the EPI-3 Brates license in Romania and its rights to the Bir Lahlou and Hagunia license areas in the SADR.
Europa CEO Hugh Mackay commented in a statement:
"Our withdrawal from Romania and the Saharawi Arab Democratic Republic ought to be seen in the context of last year's in-depth portfolio review, the conclusions of which led to these two countries being considered non-core to Europa. As a result, our current focus is on production and exploration in the UK; exploration in the South Porcupine Basin, offshore Ireland; and a gas appraisal project in onshore France."
Mackay added that Europa expects to report progress across its asset base during the second half of this year, including the firm's participation in an exploration well at the Wressle Prospect, onshore UK.
Europa's next steps offshore Ireland, after its recent farm down to Kosmos Energy of an 85-percent interest in Europa's two Licensing Options there, will see the options converted to full Frontier licenses followed by a 3D seismic acquisition program. In France the firm is still awaiting the renewal of its Bearn des Gaves permit, which includes the Berenx deep gas appraisal project.
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