Europa Oil & Gas (Holdings): DL001 Licence extension & Update on EG-08 Farm-out

Oct 28, 2026 at 7:18 AM EDT · Issued by Europa Oil & Gas (Holdings) plc via RNS

Summary by 6ix AI

Europa Oil & Gas (Holdings) plc, a West Africa, UK and Ireland focused oil and gas company, received a Deed of Variation (a formal amendment) from the North Sea Transition Authority extending its DL001 licence through to October 18, 2032. The deadline to complete its associated company's EG-08 farm-out deal has also been extended by mutual agreement to November 30, 2026.

Key details

Under the binding farm-out agreement, Europa's associated company Antler Global Limited has agreed to farm out (transfer) a 40% interest in the EG-08 production sharing contract offshore Equatorial Guinea to Fuhai (Beijing) Energy Limited.
Fuhai (Beijing) Energy Limited is a wholly owned subsidiary of the privately owned Fuhai Group New Energy Holding Co., Ltd. Equatorial Guinea's Ministry for Mining and Hydrocarbons Department approved the agreement, as announced on May 29, 2026.
Europa holds a 42.9% equity interest in Antler. On completion, Antler will hold a 40% working interest and remain operator, Fuhai will hold 40%, and GEPetrol, Equatorial Guinea's national oil company, will hold the remaining 20% for the State.

What’s still pending

Completion still needs outbound direct investment approval (Chinese government clearance for investing abroad) from the Beijing Municipal Development and Reform Commission. Europa says the commission has indicated the application is still being processed and is expected to be approved.
Europa says new Chinese outbound investment rules in force since July 1, 2026 have slowed approvals.
Despite the delay in this approval, Europa still expects to drill the Barracuda-1 well at the earliest opportunity, which it expects to be during the first half of 2027.

6ix AI wrote this summary from the release below and checked it against the release.

On 6ix: 6ix.com/news/dl001-licence-extension-and-update-on-eg-08-farm-out

Watch Europa Oil & Gas (Holdings)'s latest callEuropa Oil & Gas (Holdings) (LSE:EOG) — EG-08 Infrastructure-led-near-field exploration licence · Replay · Jan 3, 2024 Read the transcript of Europa Oil & Gas (Holdings) (LSE:EOG) — EG-08 Infrastructure-led-near-field exploration licence

Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas

28 October 2026

Europa Oil & Gas (Holdings) plc

("Europa" or the "Company")

DL001 Licence extension and Update on EG-08 Farm-out Agreement

Europa Oil & Gas (Holdings) plc, the AIM quoted West Africa, UK and Ireland focused oil and gas exploration, development and production company, is pleased to announce that is has received a Deed of Variation from the North Sea Transition Authority extending the term of the DL001 licence through to 18 October 2032.

The Company also provides the following update regarding the binding Farm-out Agreement ("FOA") signed by its associated company, Antler Global Limited ("Antler") and Fuhai (Beijing) Energy Limited ("Fuhai"), a wholly owned subsidiary company of the privately owned Fuhai Group New Energy Holding Co., Ltd ("Fuhai Holding") to farm-out a 40% interest in the EG-08 production sharing contract ("PSC") in offshore Equatorial Guinea.

Further to the announcement regarding the FOA to Fuhai on 30^th September 2026, the Company reports that the Longstop Date for completion of the transaction has, by mutual agreement, been extended to 30^th November 2026.

The FOA has received approval from the Ministry for Mining and Hydrocarbons Department of Equatorial Guinea ("MMHD"), as announced on 29 May 2026, and remains subject to Outbound Direct Investment ("ODI") approval from the Beijing Municipal Development and Reform Commission ("MDRC"). Europa continues to understand that the various Chinese government approvers remain satisfied with the Fuhai ODI application and that Fuhai expects to receive this approval in due course. The new Chinese regulations on outbound investment that came into force on 1^st July 2026 have impacted the speed of the approvals and ODI applications are taking longer than expected. However, the MDRC have indicated that the Fuhai application continues to be processed and is expected to be approved in the near future.

Europa has a 42.9% equity interest in Antler which, on completion of the FOA, will hold a 40% working interest in the EG-08 PSC, and remain as operator, with 40% held by Fuhai and the remaining 20% held by GEPetrol (Guinea Equatorial de Petróleos), the national oil company of Equatorial Guinea, representing the State's interest.

Despite the delay in ODI approval the Company still expects to drill the Barracuda-1 well at the earliest opportunity, which is expected to be during the first half of 2027.

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

* * ENDS * *

For further information, please visit www.europaoil.com or contact:

William Holland

Europa Oil & Gas (Holdings) plc

[email protected]

Toby Gibbs / George Payne

Shore Capital

(Nominated Adviser and Broker)

+44 (0) 20 7408 4090

Patrick d'Ancona / George Pope / Safia Colebrook

Vigo Consulting

+44 (0) 20 7390 0230