Business
Acquisition of offshore Ireland licence
Acquisition of offshore Ireland licence.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \n Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas\n Europa Oil & Gas (Holdings) plc (‘Europa’ or ‘the Company’)\n Acquisition of offshore Ireland licence in proven gas play\n Highlights\n \n Acquisition of licence near Corrib gas field in the Slyne Basin is in line with the refocus of Europa’s Irish portfolio towards gas\n Includes 1.2 tcf Edge prospect* which together with Europa’s nearby 1.5 tcf Inishkea prospect represents a strategic position in a proven gas play\n Forward plan is to relaunch farm-out once acquisition has been approved by Irish authorities\n \n Europa Oil & Gas (Holdings) plc, the UK, Ireland and Morocco focused oil and gas exploration, development and production company, is pleased to announce the conditional acquisition of a 100% interest in Frontier Exploration Licence (‘FEL’) 3/19, offshore Ireland, from DNO (‘the Acquisition’). Acquiring FEL 3/19, which is located close to the ~1tcf producing Corrib gas field in the Slyne basin, will add the 1.2 tcf Edge prospect* to Europa’s inventory in Ireland. This includes the nearby 1.5 tcf Inishkea prospect on Europa’s 100%-owned FEL 4/19. \n The Acquisition, which is subject to regulatory sign-off, will provide Europa with a key strategic position in the proven gas play of the Slyne Basin and is in line with the refocusing of the Company’s portfolio in Ireland towards gas.\n FEL 3/19, which lies 18km east of the producing Corrib gas field, was formerly the LO 16/23 block which DNO acquired following the acquisition of Faroe Petroleum. Europa is acquiring a 100% interest in the licence from DNO for a nominal upfront fee and the granting of a 5% Net Profits Interest (“NPI”) over future production of gas and liquids from any accumulation on FEL 3/19 to DNO. FEL 3/19 lies close to Europa’s own FEL 4/19 which is home to the 1.5 tcf Inishkea prospect. Located near Corrib and associated gas processing infrastructure, the Company classifies FELs 3/19 and 4/19 as lower risk “infrastructure-led” exploration. \n All work commitments on FEL 3/19 have been fulfilled and, subject to regulatory approval, Europa’s forward plan will be to include FEL 3/19 in a relaunch of the farmout of its strategic position in the Slyne Basin.\n \n Simon Oddie, Interim CEO and Executive Chairman of Europa,...