Europa Oil & Gas (Holdings) plc has ruled out renewing licence P2358, containing the Serenity oil discovery, in the Outer Moray Firth.
COSTS
The company holds a 25% farm-in with operator i3 Energy owning 75%.
After an appraisal well in 2022 showed “disappointing” results the companies began talks on the field’s potential.
Europa said its incurred costs on Serenity, due to expire on 30 September, would be written off.
i3 last month announced a £174.1 million cash and share sale of its entire share capital to Gran Tierra Energy Inc.
In April, i3 sold some of its Canada assets for £25m.