- Europa Oil & Gas (Holdings) has completed the acquisition of Shale Petroleum (UK) Limited for a nominal consideration of £1.

As consequence of this acquisition Europa has increased its equity interest in PEDL299 and PEDL343 exploration licences awarded in the 14th UK Landward Licensing Round to 33.32% and 45.0% respectively.

Europa has purchased 100% of the issued share capital of Shale Petroleum (UK) Limited, a subsidiary of Shale Petroleum Limited (SPL) a privately held Canadian independent oil & gas explorer headquartered in Calgary.

SPL set up the subsidiary Shale Petroleum (UK) Limited in order to apply for exploration licences in the 14th UK Landward Licensing Round.

Subject to the approval of the Oil & Gas Authority (OGA), Europas interest in INEOS-operated PEDL299, which contains the Hardstoft oil field, will increase from 16.66% to 33.32%. Europas interest in Third Energy-operated PEDL343, where the objective is to appraise the Cloughton gas discovery, will increase from 22.5% to 45%. In light of its increased equity exposure to associated work programmes in PEDL299 and PEDL343 Europa has elected not to accept the award of PEDL286 Goole in the southern Cleveland Basin (where interest would have increased from 50% to 100%).

Story provided by