Europa Oil & Gas (Holdings) plc said it had repaid in full the £1 million loan from Union Jack Oil plc to drill the SA02 well in the Serenity field.
TERMS
The loan was secured against a 10% interest in the Wressle field (PEDL180 and PEDL182), including the associated infrastructure.
Europa has also repaid the principal and accrued interest without penalty, and following repayment the loan will be cancelled.
The company added that the security would be released, leaving the company unencumbered and free of debt.
SERENITY
Joint venture partners i3 Energy (75%) and Europa (25%) drilled the SA02 well in the Serenity field with disappointing results.
Europa said that, once all invoices for the SA02 well are received and a final well cost established, it expects a repayment of some £2m from the escrow account.