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Europa Oil & Gas Holdings PLC - exploration and production company focussed on Morocco and Ireland - Notes that DNO North Sea UK Ltd will exercise its rights to terminate the sale and purchase agreement with Europa for Frontier exploration licence 3/19 offshore Ireland.
Europa also announces its intent to raise up to £7.0 million through placing and PrimaryBid retail offer of shares at 1.8 pence each. Proceeds from the fundraise will go towards the acquisition of a firm-in of UK Continental shelf block 13/23c, also known as Serenity in the North Sea.
Under the deal, Europa will pick up a 25% non-operating interest in Serenity by paying 48% of the appraisal well cost. Serenity is expected to be drilled during 2022 at a gross cost of £14 million.
i3 Energy PLC notes that announcement, and expects to retain a 75% operating interest in the block.
Current stock price: 2.70 pence, down 14% on Wednesday
12-month change: up 96%
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