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Europa Oil & Gas raises £4mln for offshore Ireland and new Morocco venture

A firm placing will provide £4mln at 3p per share while existing shareholders can subscribe up to another £1mln
Hugh Mackay
Europa is looking at Morocco opportunity

Europa Oil & Gas (Holdings) PLC (LON:EOG) is to raise up to £5mln to fund its Irish Atlantic Margin projects and also a new venture in Morocco.

A firm placing will provide £4mln at 3p per share while existing shareholders can subscribe up to another £1mln through an open offer at the same price.

READ: Ireland’s great oil opportunity is now closer than ever as new drilling comes into view

Europa has exploration licences off the west coast of Ireland, where it is currently negotiating farm-in agreements with a major international oil and gas company over three of these - LO 16/20, FEL 1/17 and FEL 3/13.

Hugh Mackay, chief executive, said: “The funds raised will enable the company to continue to advance its high impact exploration portfolio in Atlantic Ireland and in particular to bring our high-graded prospects to the point of being ready to drill.

“The funds raised will enable us to deliver the work programme for a potential new licence in Morocco and to screen and land other new ventures"

 

 

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