PEDL343 (Cloughton) Extension

In brief · summary, not quotable

Europa Oil & Gas has secured a two-year extension for the PEDL343 licence, pushing the first phase expiry to March 21, 2028, and the second phase to July 21, 2030, allowing for the acquisition of 17km² of 3D seismic and drilling an appraisal well to 6,500 ft TVDSS on its 137bcf Cloughton discovery. This extension is crucial for bringing the onshore gas field, located near the National Transmission System, online, which is projected to displace imported LNG, create local jobs, supply gas to nearly half of North Yorkshire homes, and generate over £50 million in taxes.

Full announcement

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Europa Oil & Gas (Holdings) plc, the AIM quoted West Africa, UK and Ireland focused oil and gas exploration, development and production company, is pleased to announce that the Oil and Gas Authority (now officially referred to as the North Sea Transition Authority, (the "NSTA")) has granted a 2-year extension to the first phase of the PEDL343 licence which holds the Company's 137bcf Cloughton discovery. As a result of the extension the first phase of the licence will now expire on 21 March 2028 and the second phase will expire on 21 July 2030.

The work programme during the first phase of the PEDL343 licence includes:

Acquire 17km2 3D seismic
Drill a well to 6,500 ft TVDSS1

William Holland, Chief Executive Officer of Europa, said:

"I am very pleased that we have secured this extension which has provided us with the time needed to drill the appraisal well on the 137bcf Cloughton gas field. This onshore field is close to the NTS2 and as such a successful appraisal well will allow the field to be brought online quickly. The domestic gas produced from Cloughton would not only displace high GHG3 intensity imported LNG4, generate well paid local jobs, provide gas to heat almost half of the homes in North Yorkshire and generate over £50m in taxes, but importantly it would largely be unnoticed by the local community yet provide a material positive impact to local community groups, as demonstrated at our other onshore UK production sites."