By: Energy capital & power

Exploration and production company Europa Oil Gas has announced  its associated company Antler Global has entered negotiations to farm out part of its 80% interest in the EG-08 production sharing contract offshore Equatorial Guinea.

As part of the negotiations, Antler Global signed a non-binding heads of terms agreement with an international energy company, marking a key step towards finalizing a definitive agreement. Final agreements will be subject to approval by the country’s Ministry of Mines and Hydrocarbons.

“The signing of these heads of terms is a very positive step forward and comes after an extensive period of negotiations with what we believe is an excellent partner,” stated William Holland, CEO, Europa Oil Gas.

Block EG-08 holds an estimated 2.1 trillion cubic feet of natural gas, with the Barracuda prospect – which is being actively explored by Europa Oil & Gas – accounting for 798 billion cubic feet.

Antler Global holds an 80% working interest in the block, with the remaining 20% held by Equatorial Guinea’s national oil company GEPetrol.