Morocco Entry Planned by Europa

AIM-listed independent, Europa Oil & Gas, has announced its plan to enter Morocco.

Part of the net proceeds from a share offer - which it announced November 20 had raised £4mn ($5mn) gross from institutional investors - would be used to “exploit a new venture opportunity” in the country. In addition, it plans to raise £1mn gross by offering shares to existing shareholders.

"Atlantic Ireland is entering a new drilling phase and the funds raised will help Europa become part of that. The funds raised will enable us to deliver the work programme for a potential new licence in Morocco and to screen and land other new ventures," said CEO Hugh Mackay.

Europa's statement did not specify the kind of potential licence, or whether it is on- or offshore. However, its focus to date has been high-impact offshore exploration on Ireland's Atlantic margin, supported by revenue from UK onshore oil production.