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Europa Oil & Gas splits East Midlands licence deal with JV partner

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Staff Writer | October 5, 2016
Europa Oil & Gas has reassigned the interest of its East Midlands onshore licence following the acquisition from Shale Petroleum.
Europa Oil & Gas
Oil exploration   The reassignment of the interest in PEDL299
The company bought the PEDL299 licence from Shale Petroleum for a nominal consideration of 1 pound in August and reassigned the company's 16.665% interest.

The stake was split between Europa with 8.335% and Upland Resources, the company's joint venture partner, with 8.33%, which is subject to regulatory approval.

Following the reassignment, in total INEOS, who operates PEDL299, has a 50% interest in the conventional prospectivity of the license, followed by Europa with 25% and Upland with 25%.

INEOS will retain 100% of the unconventional prospective interest in PEDL299, which contains the Hardcourt oil field discovered in 1919, which produced 26,000 barrels of oil from a Carboniferous limestone reservoir.

CEO Hugh Mackay said the reassignment of the interest in PEDL299 should be put in context with the ongoing management of the company's portfolio of licences.

The recent sale of a 3.34% interest in the Wressle discovery was a partial monetisation of its asset base, which helped manage the risks and funding requirements associated with oil and gas exploration and development.