Onshore explorer Europa Oil & Gas has renewed its fully owned Tarbes Val d’Adour permit.
The prospect in the proven Aquitaine Basin, onshore France, has been extended until January 18, 2015.
The company had successfully appealed last year a decision by French authorities not to renew its two exploration assets, Tarbes Val d’Adour and Bearn de Gaves, facing writing off more than £1million of exploration costs.
The Tarbes Val d’Adour prospect contains several oil deposits, including two fields, Jacque and Osmets, previously licensed by Elf but abandoned in 1985 due to a combination of technical issues and low oil prices, the company said.
“Thanks to previous operators recovering modest quantities of oil from two fields on the Permit, Tarbes is an appraisal rather than an exploration project,” said Hugh Mackay, chief executive of Europa Oil & Gas.
“While not on the same scale as our potential company-making Bearn des Gaves permit onshore France and our two Kosmos Energy operated licences offshore Ireland, Tarbes offers a relatively low cost business development opportunity.
“In tandem with our on-going farm-out discussions for the Bearn des Gaves permit, we will now look to secure a partner with whom we can look to advance Tarbes in the limited time available.”
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