en.Wedoany.com Reported - Europa Oil & Gas has extended the completion deadline for the transfer of a 40% interest in the EG-08 production sharing contract offshore Equatorial Guinea to July 31, 2026, as the companies involved await final approval from Chinese regulators.

The AIM-listed company stated that its affiliate Antler Global and Fuhai (Beijing) Energy, a subsidiary of the private Chinese energy group Fuhai Holding, have agreed to extend the final completion date. The transaction was approved by Equatorial Guinea's Ministry of Mines and Hydrocarbons in May and now only requires approval for overseas direct investment (ODI) from the Shandong provincial government in China.

Europa Oil & Gas said it understands that Chinese authorities are satisfied with the ODI application and expects to receive final approval within the coming weeks.

Upon completion of the transaction, Antler will retain a 40% working interest in the EG-08 production sharing contract and continue as operator, Fuhai will acquire a 40% interest, and the remaining 20% will be held by state-owned oil company GEPetrol. Europa Oil & Gas holds a 42.9% stake in Antler.

The companies are advancing preparations for drilling the Barracuda-1 exploration well, which is expected to spud in early 2027. The EG-08 block, located offshore Equatorial Guinea, is considered one of Europa Oil & Gas's key growth projects and is expected to introduce the company to high-impact exploration drilling in West Africa.

Europa Oil & Gas CEO William Holland said the extension of the final completion date reflects the practical timeline required to complete the remaining approvals and the legal process for transferring the interest to Fuhai. He noted that since receiving MMHD approval in May, the company remains confident in obtaining ODI approval within the coming weeks and continues to make good progress on drilling preparations.

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