Europa Oil & Gas (Holdings) plc has signed a revenue swap agreement (RSA) with a Canadian investment company, securing project financing for its Wressle development. Europa said in a media release that, under the RSA, it will pay an amount equating to 4.5 percent of gross revenues from oil production at the Wressle-1 well to the investor in consideration for $500,000, which is paid upfront. Europa said the RSA is unsecured and the payments are payable from May 1, 2025.
“I am pleased that we have concluded this pre-payment of a small proportion of our Wressle production. It brings forward a small part of our cashflows from the Wressle-1 well and is a financing method that is non-dilutive to our shareholders and will not impact our ability to secure project financing for the Wressle development, which will help unlock the substantial undeveloped resources and upside at Wressle”, William Holland, Chief Executive Officer of Europa, said.
The Wressle oil discovery straddles Petroleum Exploration and Development License 180 (PEDL180) and PEDL182. It lies 5 kilometers (3.1 miles) southeast of and along the same structural trend as the Europa-operated Crosby Warren field, which has been producing oil for almost 30 years. The field was discovered through the Wressle-1 conventional exploration well, which was drilled to a total depth of 2,240 meters (7349 feet) or 1,814 meters (5951 feet) True Vertical Depth Subsea (TVDSS) on August 23, 2014, according to Europa.
The company holds a 30 percent interest in PEDL180. Its partners are Egdon with 30 percent (operator) and Union Jack with a 40 percent interest.
To contact the author, email andreson.n.paul@gmail.com
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