Europa Oil & Gas (Holdings) (LON:EOG) has agreed to sell a 3.34% working interest in the PEDL180 and PEDL182 licences in North Lincolnshire to Union Jack Oil plc. The licences cover the Wressle discovery (PEDL180) and the Broughton North prospect (PEDL182).
UJO will acquire the working interest for a cash consideration of £600,000 The transaction implies a £5.4 million mark to market for Europa's remaining 30% interest in the licences.
Wressle is anticipated to commence production at a gross rate of 500 bopd in early 2017.
Europa's anticipated net share of 150 bopd from Wressle is expected to more than double existing production from the West Firsby and Crosby Warren fields and Whisby-4 well.
At 4:27pm: (LON:EOG) Europa Oil Gas Holdings PLC share price was 0p at 4.63p