Europa Oil & Gas  plc 33rd Licensing Round Update

Europa Oil & Gas (Holdings) plc, the AIM quoted UK, Ireland and West Africa focused oil and gas exploration, development and production company, announces that it was contacted by the North Sea Transition Authority (the "NSTA") regarding the Company's application for a licence as part of the 33rd UK Offshore Licensing Round that closed on 12 January 2023 (the "Licence"), therein the NSTA proposed a marriage between Europa and another party for the Licence. After careful consideration, the Company has decided not to accept the proposed marriage and it has also decided to notify the NSTA that, if the NSTA subsequently decide to award the Licence, in its entirety, to the Company as the sole owner, Europa would decline the offer.

As part of its original application for the Licence, Europa spent some time during Q4 2022 analysing the available sub-surface data, the monetisation options and subsequent economics of a development of the resources within the Licence. Since this analysis, various aspects of the operating conditions and the fiscal environment have changed and remain uncertain, this has reduced the economic and strategic attractiveness of the Licence. As such, the Company believes that its resources are better deployed on its existing assets and looking for new opportunities within its core areas of focus.

Will Holland, Chief Executive Officer of Europa, said:

"I'd like to thank the NSTA for suggesting this marriage and giving Europa the opportunity to participate in the licence that we applied for in the 33rd Round. Since making the application we have acquired an interest in the EG-08 licence in Equatorial Guinea, which we believe is very material. Given the size of the Company and our limited resources it is essential that we focus on where we see the best risk/reward proposition that can generate significant value for our shareholders. Any new asset needs to be considered carefully against other opportunities that are under evaluation to ensure that we are deploying our capital on assets that have the best potential of returning value to our shareholders."

Read the latest issue of the OGV Energy magazine HERE