Europa Oil & Gas (Holdings) plc’s associated company, Antler Global Limited, has signed a binding farmout agreement with Fuhai (Beijing) Energy Limited, a subsidiary of Fuhai Group New Energy Holding Co Ltd. The agreement will give Fuhai a 40% interest in the offshore Equatorial Guinea EG-08 production sharing contract (PSC).
The parties have now extended the completion deadline for the transaction to 30 October 2026, following the initial announcement.
Equatorial Guinea’s Ministry for Mining and Hydrocarbons has approved the transaction. However, Fuhai still needs Outbound Direct Investment (ODI) approval from the Beijing Municipal Development and Reform Commission before the deal can close.
New Chinese regulations introduced on 1 July 2026 have extended the processing time for outbound investments. The Beijing Municipal Development and Reform Commission has confirmed that Fuhai’s application remains under review and that its submission meets the authorities’ requirements.
Europa holds a 42.9% interest in Antler. Once the farmout is completed, ownership of the EG-08 PSC will be divided between Antler with a 40% working interest and operatorship, Fuhai with a 40% working interest, and Equatorial Guinea’s national oil company, GEPetrol, with a 20% state interest.
The delay in securing ODI approval has not changed plans for the Barracuda-1 exploration well. Antler expects drilling to begin in the first half of 2027.
Europa CEO William Holland said the company remains encouraged by the progress of Fuhai’s ODI application. He added that Europa has continued preparations for Barracuda-1 and is ready to begin drilling once the approval is secured.
source: oilreviewafrica.com
African Energy Council