Europa Oil & Gas shares are rising on Tuesday after the company launched the farmout initiative of its high-impact exploration opportunity, the Inezgane Offshore Permit, offshore of Morocco in the Agadir Basin.
The Inezgane farmout campaign has now been launched with the company stating that it “represents a high-impact exploration opportunity in a highly underexplored area of the world representing an excellent farm in opportunity for interested companies and complements Europa's existing strategy of seeking to develop a balanced portfolio of assets.”
Europa said its recent evaluation has identified a significant resource volume, over 2 billion barrels of oil, in the top five ranked prospects.
Simon Oddie, CEO of Europa, said: “We are delighted to announce the launch of the Farmout initiative of the Inezgane Licence which represents not only a high-impact exploration opportunity for Europa but also sits comfortably within the company's strategy of creating a balanced portfolio of complementary assets.
“Morocco is a welcoming jurisdiction in which to operate and has excellent ESG credentials in the fields of wind, solar and hydroelectric with ambitions to source 50% of its electrical energy from renewable sources by 2030 as well as becoming a net exporter to Europe.”
Europa's share price is currently trading at 1.33p, after rising 2.23% above Monday's close.
Should you invest in Europa Oil & Gas shares?
Europa Oil & Gas shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are EOG shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
