Europa Oil & Gas Abandons Moroccan Offshore License Amid Exploration Challenges

In a press release, Europa Oil & Gas announced that it has renounced the extension of the Inezgane license located off the coast of Morocco after the initial period of this license dated October 21, 2020 expired. A difficult decision according to its CEO Simon Oddie.

"It was a difficult decision not to move to the first extension period as proposed by Inezgane, which has significant exploration potential. However, moving to the next stage would have required Europa to commit to drilling an exploration well, which we could not justify without securing another partner," explains Simon Oddie, CEO of Europa.

He adds: "We have worked tirelessly with advisors to find a partner, but the appetite of the market for deep-water offshore oil exploration is currently very low and we ultimately failed. [...] Europa is committed to creating value for shareholders by building a balanced portfolio of exploration, appraisal and production assets in the UK and Atlantic Ireland."