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Wednesday, May 22, 2013
Europa Oil & Gas reported that it is relinquishing its interest in the Bir Lahlou and Hagunia License Areas in the Saharawi Arab Democratic Republic (SADR). The company said this is in line with its strategy to focus on offshore West Ireland where it has a JV with Kosmos Energy to explore two license options in the South Porcupine Basin; a 100% interest in a deep gas appraisal project onshore France; and a combination of production and exploration assets onshore UK.
The company is also exiting its holdings in Romania.
Europa’s CEO Hugh Mackay said: “Our withdrawal from Romania and the Saharawi Arab Democratic Republic ought to be seen in the context of last year’s in-depth portfolio review, the conclusions of which led to these two countries being considered non-core to Europa. As a result, our current focus is on production and exploration in the UK; exploration in the South Porcupine Basin, offshore Ireland; and a gas appraisal project in onshore France.”
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