The extension to the license’s initial period has finished, and Europa has decided not to progress to the first extension period, despite identifying multiple exploration prospects.
Europa CEO Simon Oddie said, “Progressing to the next stage would have required Europa to commit to drilling an exploration well, which we could not justify without obtaining another partner.
“We have been working tirelessly with advisers to secure a farm-in partner, but the market appetite for offshore deepwater oil exploration is currently very low, and we have ultimately been unsuccessful.”
