Europa Oil & Gas (Holdings) (AIM:EOG) shares added almost 5% on Friday, to 1.635p, after Antler received MMHD approval to complete the EG-08 farm-out, the company said.
Europa is the AIM‑quoted West Africa, UK and Ireland-focused oil and gas exploration, development and production company that holds a 42.9% equity interest in Antler, which, on completion of the farm-out agreement, will retain a 40% working interest and remain the operator of the EG-08 PSC while Fuhai takes 40% and GEPetrol holds 20%, representing the State interest.
"I am pleased to have received approval from the Ministry and thank the MMHD team for their support as we progress this project to drilling," William Holland, Chief Executive Officer of Europa, said.
The farm-out remains subject to Overseas Direct Investment approval from the Shandong provincial government and, once ODI approval is received, the partners intend to secure a rig and drill the Barracuda-1 well at the earliest opportunity in early 2027.
