Europa Oil & Gas (Holdings) plc has completed the acquisition of Shale Petroleum (UK) Limited for a nominal consideration of $1.29 (GBP 1).
As a result, Europa has increased its equity interest in the PEDL299 and PEDL343 exploration licenses, awarded in the 14th UK Landward Licensing Round, to 33.32 percent and 45 percent, respectively.
Europa has purchased 100 percent of the issued share capital of Shale Petroleum (UK) Limited, a subsidiary of Shale Petroleum Limited (SPL), which is a privately held Canadian independent oil and gas explorer headquartered in Calgary. SPL set up the subsidiary Shale Petroleum (UK) Limited in order to apply for exploration licenses in the 14th UK Landward Licensing Round.
Subject to the approval of the Oil & Gas Authority, Europa’s interest in INEOS-operated PEDL299, which contains the Hardstoft oil field, will increase from 16.66 percent to 33.32 percent. Europa’s interest in Third Energy-operated PEDL343, where the objective is to appraise the Cloughton gas discovery, will increase from 22.5 percent to 45 percent.
“We are pleased to increase our equity in two 14th round licenses and provide our investors with exposure to two high quality and low risk projects,” said Europa CEO Hugh Mackay in a company statement.
“The Hardstoft oil field in the East Midlands Petroleum Province was discovered in 1919 by the UK’s first ever exploration well. A competent person’s report on Hardstoft, issued by joint venture partner Upland Resources, identified gross 2C contingent resources of 3.1 million barrels oil and gross 3C contingent resources of 18.5 mmbo in PEDL299. PEDL343 is in the Cleveland basin and contains the Cloughton gas discovery made in 1986 and tested gas to surface from Carboniferous sandstone reservoir. We are excited by the possibility of producing commercial quantities of gas from this reservoir interval.”
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