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Europa Oil & Gas Holdings PLC, a UK-based exploration and production company, has seen its initial phase of its Inezgane exploration permit, offshore Morocco, extended by one year.
The decision is meant to make up for the time lost on the project because of the coronavirus health crisis, Proactive Investors wrote on Wednesday.
«We are extremely grateful to the Moroccan authorities for their swift response to the challenges posed by the global pandemic and specifically for granting us a one year extension to the Initial Phase of the Inezgane licence», said Simon Oddie, Europa chief executive in a statement.
The Inezgane permit had an original duration of eight years, with an initial phase of two years. With the recent extension, this phase is now expected to last for three years.
«The equivalent of approximately 50 UKCS North Sea blocks, Inezgane covers a large area in the Agadir basin and, while much work has already been carried out despite COVID-19, this extension will enable us to build on the encouraging results seen to date, the highlights of which include the mapping by Europa of up to 10 billion barrels of unrisked oil resources», Oddie concluded.
Europa Oil & Gas Holdings PLC is not the only exploration company in Morocco that had its permit extended by the Moroccan authorities. Earlier in October, Sound Energy PLC announced that its onshore Sidi Mokhtar permit was extended by two years following disruptions caused by Covid-19.
