Europa Oil & Gas (Holdings) plc signed its production sharing agreement covering the West Darag Onshore Concession in Egypt.
The work program for the West Darag Concession will involve reprocessing existing seismic data along with geological and geophysical field investigations during the first two-year phase. An optional second phase of the Concession will require 500km of 2D seismic acquisition and one well to be drilled in the three-year period. Finally, a third period of a further three years, if exercised, will require a similar amount of seismic acquisition and two additional wells to be drilled.
Europa (60% and Operator) will undertake this work in partnership with Solaris Energy plc (40%), subject to approval by the Egyptian authorities of the assignment to Solaris.
Paul Barrett, Managing Director of Europa, said, "We are extremely pleased to be commencing our exploration activities in Egypt, a country which continues to deliver excellent exploration results. We are aiming to start fieldwork towards the end of this year."
Europa Oil & Gas focuses on the production and exploration of hydrocarbons in Europe and North Africa. Europa currently produces oil from three fields in the UK. Operating over two-thirds of its portfolio with an average working interest of 60%, Europa also has field appraisal and exploration activity on a number of projects in the UK and Romania and a strong new ventures program across Europe and the North African region.