Europa Oil & Gas acquires Shale Petroleum UK

Europa Oil & Gas acquires Shale Petroleum UK

Europa Oil & Gas (LSE:EOG) has announced that is has completed the acquisition of Shale Petroleum UK for US$1.30.

Europa has increased its equity interest in the PEDL299 and PEDL343 exploration licences, awarded in the 14th UK Landward Licencing Round, to 33.32% and 45%.

Europa has acquired 100% of the issued share capital of Shale Petroleum UK Limited, a subsidiary of Shale Petroleum Limited (SPL), which is a privately held Canadian oil explorer in Calgary.

SPL set up the subsidiary in order to apply for exploration licences in the licencing round.

Subject to approval from the Oil & Gas Authority, Europa’s interest in INEOS-operated PEDL299 will grow from 16.66% to 33.32%.

The company’s interest in Third Energy’s PEDL343 will increase from 22.5% to 45%.

Hugh MacKay, Europa CEO said: “We are pleased to increase our equity in two 14th round licenses and provide our investors with exposure to two high quality and low risk projects.”

Europa has moderate onshore UK production and exploration interests onshore the UK and France and on and offshore in Ireland.