The concession covers a large under-explored onshore area in excess of 5,300 km2 (1.3 million acres or the equivalent of 25 UK North Sea blocks). It lies on the northwestern margin of the Gulf of Suez and has a Mesozoic sequence similar to that in the prolific Egyptian Western Desert oil province.
Saharan Africa, with resources of over 160 billion barrels equivalent, half of this in Mesozoic basins, is becoming vital to the European oil and gas markets. Egypt in particular had 36 oil and gas discoveries in 2005 alone and continues to deliver exploration success in both new and established plays.
Paul Barrett, Managing Director, said, 'This is a highly significant award for Europa and part of our new venture program across Saharan North Africa, coming quickly on the heels of two very large license awards in Western Sahara.
Europa Oil & Gas focuses on the production and exploration of hydrocarbons in Europe and North Africa. It currently produces 210 barrels of oil per day from UK onshore fields and 25 barrels of oil equivalent from the Ukraine. Production is expected to rise significantly after its Romanian Bilca Gas Project comes onstream later this year. Operating a balanced portfolio, Europa currently has field appraisal activity on projects in the UK Southern Gas Basin and onshore Romania and exploration activity on a further eight licenses across the Europe - North Africa region.
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