Europa raises £4m to help develop Irish licences

Europa Oil & Gas chief executive Hugh Mackay
Europa Oil & Gas chief executive Hugh Mackay

UK and Ireland focused Europa Oil & Gas has raised £4 million through the placing of 133m new shares.

The London-listed firm also plans to generate a further £1m by issuing 33m shares via an open offer.

Europa will use the proceeds to pay for its near-term work programme, for new venture opportunities and to provide working capital.

The company is currently negotiating farm-in agreements with a major international oil and gas company in respect of licences 16/20, FEL 1/17 and FEL 3/13, all located offshore Ireland.

Europa is also targeting a new venture opportunity in Morocco.

And cash will be used to pay for further 3D seismic survey data covering the Kiely East and Edgeworth prospects in FEL 2/13 and FEL 1/17 off Ireland’s west coast.

Europa chief executive Hugh Mackay said: “We are delighted to have completed a fully subscribed placing and are pleased to welcome new institutional investors as significant shareholders in Europa.

“The funds raised will enable the company to continue to advance its high impact exploration portfolio in Atlantic Ireland and in particular to bring our high-graded prospects to the point of being ready to drill.

“Atlantic Ireland is entering a new drilling phase and the funds raised will help Europa become part of that.

“The funds raised will enable us to deliver the work programme for a potential new licence in Morocco and to screen and land other new ventures”