Europa Oil & Gas, the AIM quoted West Africa, UK and Ireland focused oil and gas exploration, development and production company, has announced that its associated company, Antler Global, has received approval from the Ministry for Mining and Hydrocarbons Department of Equatorial Guinea ('MMHD') required to complete the Farm-out Agreement ('FOA') with Fuhai, as detailed in the announcement dated 30 December 2025. The deal remains subject to Overseas Direct Investment ('ODI') approval from the Shandong Provincial government.

Europa has a 42.9% equity interest in Antler which, on completion of the FOA, will hold a 40% working interest in the EG-08 PSC, and remain as operator, with 40% held by Fuhai and the remaining 20% held by GEPetrol (Guinea Equatorial de Petróleos), the national oil company of Equatorial Guinea, representing the State’s interest.

The Company expects to drill the Barracuda-1 well at the earliest opportunity, which is expected to be during early 2027.

William Holland, Chief Executive Officer of Europa, said: 'I am pleased to have received approval from the Ministry and I would like to thank the team at MMHD for their ongoing support as we progress this project to drilling. Alongside our partners at Fuhai, we have been working hard to assemble the drilling team needed to spud the Barracuda-1 well at the earliest opportunity. Once we have received ODI approval, we will then be able to secure a rig. I look forward to updating the market of our progress in due course.'

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Source: Europa Oil & Gas