Europa Oil and Gas to Relinquish Inezgane Licence

Europa Oil & Gas has decided not to move on to the First Extension Period after the expiration of the Inezgane Licence’s Initial Period Extension announced on Oct.21, 2020.
The company said in a statement that it anticipates completing the final relinquishment report soon after concluding all of its commitments for Inezgane.
“It has been a difficult decision not to progress to the first extension period as Inezgane offers significant exploration potential…the market appetite for offshore deep water oil exploration is currently very low and we have ultimately been unsuccessful…the technical team identified multiple exploration prospects and as such, we believe that Inezgane has significant potential”, said Simon Oddie, CEO of Europa.
Europa (Holdings) PLC has a diversified portfolio of multi-stage hydrocarbon assets which includes production, development, and exploration interests, in countries that are politically stable, have transparent licensing processes and offer attractive terms.