Europa Oil & Gas company, announced yesterday Tuesday 3d August that the launch of a formal process for the farm-out of a stake in the Inezgane Offshore Permit, an 11,228 square kilometre area offshore Morocco.
According to the company, over 2bn barrels have been identified in top 5 prospects on Inezgane Permit which lies on the same geological trend and shares the same reservoirs and source rocks as major oil & gas discoveries off west Africa.
Simon Oddie, CEO of Europa said in a televised interview that “We are delighted to announce the launch of the Farmout initiative of the Inezgane Licence which represents not only a high-impact exploration opportunity for Europa but also sits comfortably within the Company’s strategy of creating a balanced portfolio of complementary assets.”
“Morocco is a welcoming jurisdiction in which to operate and has excellent ESG credentials in the fields of wind, solar and hydroelectric with ambitions to source 50% of its electrical energy from renewable sources by 2030 as well as becoming a net exporter to Europe,” he added.
In holding a 75% interest in, and operatorship of, the License, Europa controls an area of 11,228 sq. km with Morocco’s ONHYM holding the remaining 25% interest.
“These are extremely positive numbers for the Company and we hope to capitalize on the prospectivity demonstrated along this prolific geological trend,” Simon Oddie stated further.
