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Europa Oil & Gas (Holdings) ( (GB:EOG) ) has shared an update.
Europa Oil & Gas has secured a two-year extension from the North Sea Transition Authority to the first phase of its PEDL343 licence, which contains the 137 bcf Cloughton onshore gas discovery, pushing phase-one expiry to March 2028 and phase two to July 2030. The revised timetable gives the company additional scope to complete its planned work programme of acquiring 17 km² of 3D seismic and drilling an appraisal well to 6,500 feet, with management highlighting that a successful outcome could enable rapid connection to the National Transmission System, displace higher-emission imported LNG, create local jobs, supply gas for nearly half the homes in North Yorkshire and generate more than £50m in tax revenues while limiting surface impact for the local community.
The most recent analyst rating on (GB:EOG) stock is a Hold with a £1.00 price target. To see the full list of analyst forecasts on Europa Oil & Gas (Holdings) stock, see the GB:EOG Stock Forecast page.
Spark’s Take on GB:EOG Stock
According to Spark, TipRanks’ AI Analyst, GB:EOG is a Neutral.
Europa Oil & Gas’s overall stock score is primarily impacted by its challenging financial performance, with significant declines in revenue and profitability. However, positive corporate events and some bullish technical indicators provide a counterbalance, suggesting potential future improvements. The negative valuation metrics reflect current unprofitability, but insider confidence and strategic developments offer some optimism.
To see Spark’s full report on GB:EOG stock, click here.
More about Europa Oil & Gas (Holdings)
Europa Oil & Gas (Holdings) plc is an AIM-quoted oil and gas exploration, development and production company focused on assets in West Africa, the UK and Ireland.
Average Trading Volume: 5,981,812
Technical Sentiment Signal: Buy
Current Market Cap: £17.48M
See more data about EOG stock on TipRanks’ Stock Analysis page.