Europa Oil & Gas shares are rising on Tuesday after the company launched the farmout initiative of its high-impact exploration opportunity, the Inezgane Offshore Permit, offshore of Morocco in the Agadir Basin.
The Inezgane farmout campaign has now been launched with the company stating that it “represents a high-impact exploration opportunity in a highly underexplored area of the world representing an excellent farm in opportunity for interested companies and complements Europa's existing strategy of seeking to develop a balanced portfolio of assets.”
Europa said its recent evaluation has identified a significant resource volume, over 2 billion barrels of oil, in the top five ranked prospects.
Simon Oddie, CEO of Europa, said: “We are delighted to announce the launch of the Farmout initiative of the Inezgane Licence which represents not only a high-impact exploration opportunity for Europa but also sits comfortably within the company's strategy of creating a balanced portfolio of complementary assets.
“Morocco is a welcoming jurisdiction in which to operate and has excellent ESG credentials in the fields of wind, solar and hydroelectric with ambitions to source 50% of its electrical energy from renewable sources by 2030 as well as becoming a net exporter to Europe.”
Europa's share price is currently trading at 1.33p, after rising 2.23% above Monday's close.
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