Europa Oil & Gas said the farm-out of part of its interest in the EG-08 block offshore Equatorial Guinea now depends on one remaining approval.

The company confirmed that its associated company, Antler Global, has received approval from Equatorial Guinea’s Ministry for Mining and Hydrocarbons Department to complete the farm-out agreement with Fuhai (Beijing) Energy.

The agreement, signed in December 2025, covers a 40% interest in EG-08. Completion still requires overseas direct investment approval from the Shandong Provincial government.

Europa Oil & Gas holds a 42.9% equity interest in Antler Global. After completion, Antler Global will retain a 40% working interest in the EG-08 production sharing contract and remain operator. Fuhai (Beijing) Energy will also hold 40%, while GEPetrol will hold the remaining 20% as Equatorial Guinea’s national oil company.

EG-08 is estimated to contain 2.2 tcf of Pmean resources. Its main prospect, Barracuda, is estimated at 878 bcf Pmean.

Europa Oil & Gas said work is continuing with Fuhai (Beijing) Energy to prepare for drilling the Barracuda-1 well. Once ODI approval is secured, the company expects to proceed with rig arrangements.

The Barracuda-1 well is expected to be drilled at the earliest opportunity, with the current schedule pointing to early 2027.