Europa Oil & Gas (Holdings) is pleased to note the announcement on 27 July 2015 by the Oil and Gas Authority, the UK oil and gas regulator, confirming the conditional award of a Promote Licence over Block 41/24 in the Southern North Sea to a joint venture comprising Europa Oil & Gas Limited (50%) and Arenite Petroleum Limited (50%), a private company registered in Scotland. The Licence has been awarded as part of the 28th Seaward Licensing Round as part of the Second Tranche of Offers.
Block 41/24 adjoins the Yorkshire coast and contains 41/24a-1 & 2 stranded gas discoveries in Permian-aged Zechstein Carbonates and was previously held by Europa as a Traditional Licence (P.1131) from the 21st Round. The exploration emphasis of this Promote Licence is to address the Carboniferous prospectivity in the Namurian and Dinantian sequences. The adjoining onshore extension of the Cleveland Basin contains a number of gas fields and discoveries including Kirby Misperton, Ebberstone Moor and Cloughton.