Europa Oil opts not to extend Serenity licence

13th Sep 2024 11:23

(Sharecast News) - Europa Oil & Gas, an company focussed on oil and gas exploration, development, and production in the UK, Ireland and West Africa, announced on Friday that it would not apply for an extension of the Serenity licence, P2358.

The AIM-traded firm said the licence was set to expire on 30 September.

It said the decision meant it would write off the costs associated with the Serenity project that had been capitalised on its balance sheet.

The move reflected Europa's reassessment of its investment priorities, and its focus on projects with more favourable prospects.

Serenity field, located in the North Sea, was initially considered a valuable asset for the company.

However, after further evaluation, it had decided to redirect its resources toward other opportunities within its portfolio that could offer better returns on investment.

Europa said it would continue to operate and invest in its core areas across the UK, Ireland and West Africa.

At 1101 BST, shares in Europa Oil & Gas Holdings were down 2.7% at 0.9p.

Reporting by Josh White for Sharecast.com.