- Europa Oil & Gas has agreed an extension to the Sale and Purchase Agreement (SPA) signed between its wholly owned subsidiary and Upland Resources (UK Onshore) Limited in relation to a 10% interest in Europa's PEDL180 and PEDL182 in North Lincolnshire.

The completion of the SPA is conditional upon approval from the Oil & Gas Authority and approval of the Wressle Field Development Plan.

On 7 February 2017, the Company announced the decision by the Joint Venture partners to appeal against the refusal by North Lincolnshire Council to grant planning consent for the development of Wressle and to file a new planning application which will include more detailed information covering the specific concerns outlined by the Council's planning committee.

To allow sufficient time for the appeal and application processes to be completed, Upland has agreed to an extension of the 'long stop' date by which the conditions of the SPA are to be satisfied to 30 September 2017. The previous 'long stop' date had been fixed at 31 March 2017.

Europa currently has a 30% working interest in the Licences, which include the Wressle discovery and the Broughton North prospect, alongside Egdon Resources (operator, 25%), Celtique Energie Petroleum Ltd (33.33%), and Union Jack Oil (11.67%).

Completion of the SPA would result in Europa retaining a 20% interest in the Licences.

At 2:16pm: [LON:EOG] Europa Oil Gas Holdings PLC share price was -0.25p at 4.75p

Story provided by