Europa Oil & Gas, the AIM quoted West Africa, UK and Ireland focused oil and gas exploration, development and production company, has entered into a Revenue Swap Agreement (“RSA”) with a Canadian investment company, whereby Europa will pay an amount equating to 4.5% of the gross revenues resulting from the oil production of the Wressle 1 well to the Investor in consideration for US$500,000, which is paid upfront. The RSA is unsecured and the payments are payable with effect from 1 May 2025. A further announcement will be made upon receipt of the consideration.

William Holland, Chief Executive Officer of Europa, said:
“I am pleased that we have concluded this pre-payment of a small proportion of our Wressle production. It brings forward a small part of our cashflows from the Wressle 1 well and is a financing method that is non-dilutive to our shareholders and will not impact our ability to secure project financing for the Wressle development, which will help unlock the substantial undeveloped resources and upside at Wressle.”

Wressle – The East Midlands

Wressle continues to exceed the Company’s expectations, generating high levels of production and revenues, with the Wressle-1 well currently amongst the most productive in the onshore UK, producing over 170,000 barrels of oil up to May 2022. In 2022, the North Sea Transition Authority (NSTA) approved the Field Development Plan for the oilfield, ensuring the Wressle project remains on track to transition from an extended well test to production.

Europa is focused on advancing the development plan and consenting process to enable production from the Penistone Flags reservoir, where gross Mid-case Contingent Resources of 1.53 million barrels of oil and 2 billion cubic feet of gas have been independently reported, in addition to progressing gas monetisation and continuing to optimise oil and gas production from the Ashover Grit reservoir.

KeyFacts Energy: Europa Oil & Gas UK country profile