Europa Oil & Gas (LSE:EOG) has extended the longstop date for completing the farm-out of a 40% interest in the EG-08 production sharing contract offshore Equatorial Guinea to Fuhai.

The deadline has been moved to 30 September 2026 by mutual agreement as Fuhai continues to seek Chinese outbound investment approval required for the transaction.

According to Europa, the approval process has taken longer than expected following the introduction of new regulations in China.

Chinese outbound investment approval remains pending

The farm-out has already received approval from Equatorial Guinea’s Ministry for Mining and Hydrocarbons.

In China, Fuhai’s Outbound Direct Investment application remains under consideration by the Beijing Municipal Development and Reform Commission. Europa said the commission has indicated that it expects approval to be granted in the near term.

Completion of the transaction remains subject to the outstanding Chinese approval process.

Barracuda-1 well targeted for early 2027

Europa reiterated its intention to drill the Barracuda-1 exploration well on the EG-08 block at the earliest opportunity, with drilling currently targeted for early 2027.

Europa Oil & Gas (Holdings) plc is an AIM-quoted exploration, development and production company with oil and gas assets in West Africa, the UK and Ireland.

The group holds a 42.9% equity interest in Antler Global Limited, which operates the EG-08 production sharing contract offshore Equatorial Guinea alongside national oil company GEPetrol and farm-in partner Fuhai.