Europa Oil & Gas (EOG) : Corp

Ireland update

Key data

  • Share price (p) 2.5
  • Target price (p) 32.0
  • Market cap (£m) 11.0
  • Enterprise value (£m) 8.1

Farm-out negotiations for three of its Irish licences with a major oil company are continuing and have been ongoing for more than 12 months now, although the Irish offshore investment climate has eroded in recent months, leaving the share price languishing around its lows. Europa continues to market these licences and discussions are ongoing with a number of potential partners, with the Inishkea gas prospect likely receiving more interest given the environmental headwinds surrounding oil projects in Ireland currently. In the interim, the upcoming Wressle development planning consent appeal hearing on 5 November offers the potential for positive news now that the local council has withdrawn from the process.

Jonathan Wright 020 7220 0543 jwright@finncap.com

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