Europa holds one permit in the Aquitaine basin: Tarbes Val d'Adour.
Tarbes Val d'Adour (20%)
In February 2015, Europa announced the signing of a Farm-Out Agreement (FOA) in relation to the Tarbes permit with Vermilion REP SAS, a wholly owned subsidiary of Vermilion Energy Inc (Vermilion) a Calgary, Alberta based international oil and gas producer. Tarbes has previously produced oil from two fields and is located in the Aquitaine basin close to the giant Lacq - Meillon gas fields.
- Under the terms of the FOA, Vermilion acquires an 80% interest in, and operatorship of, Tarbes with Europa holding the remaining 20% interest.
- Should Vermilion decide to proceed with exploration activities, they will assume 100% of the cost of an optional work programme, which may include seismic acquisition/reprocessing and drilling operations up to a total of EUR4.65 million. Once costs above this level are incurred, Europa will be responsible for its 20% share of future work programme costs
- Tarbes contains several oil accumulations that were previously licensed by Elf but were abandoned in 1985 due to a combination of technical issues and low oil prices. Two fields, Jacque and Osmets, were drilled using vertical wells and generated modest production.
- The FOA is subject to the relevant approvals being granted by the French authorities - for the transfer of equity and operatorship to Vermilion and obtaining an extension for the permit. Both these approvals processes have started.