Finally, it would seem there France application from 2006 is about to be formally granted.....see story here from adjoining applicat.
As of now.....Europa still have not received the final documentation from the France authorities......but it would seem very close. GGX JV adjoin the Europa block...go to map on the following link to confirm that GGX adjoins this block.
Europa Oil & Gas wins exploration permit in France Published Dec 17, 2007 Europa Oil & Gas (Holdings) plc has been informed by the French Government that the exclusive award of the Tarbes - Val d'Adour Permit to Europa will be completed in January 2008. The licence lies in the eastern part of the Aquitaine Basin, the main hydrocarbon producing basin in France.
The permit is situated within the oil producing part of the basin, adjacent to the producing Castera-Lou and Lagrave Fields, with a combined total production to date of 22 million barrels of oil. The licence contains the Jacque and Osmets oil fields, which produced light oil until 1986, when the oil price fell to around $10 per barrel and the fields were shut-in. The initial flow rate from wells on these fields was up to 700 barrels of oil per day and the conclusion of a preliminary review indicates that the fields contain undeveloped reserves. Europa will conduct a full review of these two fields for possible redevelopment and assess the remaining exploration potential of the licence area.
Paul Barrett, Managing Director, said 'This permit, containing potential oilfield redevelopment candidates, is a perfect complement to our existing exploration licence in the Aquitaine Basin. Given the current oil price, we feel the Aquitaine Basin has significant potential for a commercial renaissance and Europa has now secured a very attractive acreage position in the basin.'
Note the value that Europa places on a successful grant for thier license.....Europa is certainly no $8 million company. Value here lies in the fact that oil is up 30% since the initial date of the application at St Griede.
Should/when GGX get this block,....they will have 55% interest in onshore Canterbury basin.....50% Aquatine France and.....in my view - absolute jewel in the Crown, this 100% Cebu Island block.
A$8 million company.....
GGX Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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