Business
Award of Frontier Exploration Licence, Offshore...
Award of Frontier Exploration Licence, Offshore....
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \nEuropa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas\n\n7 August 2019\n\nEuropa Oil & Gas (Holdings) plc (‘Europa’ or ‘the Company’)\n\nAward of 15 Year Frontier Exploration Licence, Offshore Ireland\n\nHighlights\n\n\nReceipt of Government approval for conversion of Licensing Option 16/20 in the Slyne Basin into a 15-year Frontier Exploration Licence (‘FEL’) 4/19\n\nContains Europa’s flagship Inishkea prospect – a near field gas exploration project with 1.5 trillion cubic feet (‘TCF’) gross mean un-risked prospective gas resources\n\nFEL 4/19 becomes Europa’s fourth FEL in portfolio of six offshore Ireland licences which potentially hold gross mean un-risked prospective resources of 6.4 billion barrels oil equivalent and 1.5 tcf gas\n\nFarm out negotiations remain ongoing\n\n\nEuropa Oil & Gas (Holdings) plc, the UK and Ireland focused oil and gas exploration, development and production company, is pleased to announce that the Irish Government has approved the Company’s application to convert Licensing Option 16/20 in the Slyne basin in Atlantic Ireland to Frontier Exploration Licence 4/19 (‘FEL 4/19’ or ‘the Licence). The 100%-owned Licence includes the Company’s flagship Inishkea prospect which lies immediately to the north west of, and abuts, the producing Corrib gas field in the Corrib Field Petroleum Lease Area. \n\nThe Inishkea prospect has estimated gross mean un-risked prospective gas resources of 1.5 trillion cubic feet (‘TCF’) and has been assigned a one in three chance of success. The next steps for the Licence, which has a 15-year term commencing from 1 August 2019, include a site survey in preparation for drilling an exploration well, subject to funding and regulatory consent. An application to obtain a site survey on the Inishkea prospect is in process.\n\nEuropa's CEO, Hugh Mackay, said: “The conversion of LO 16/20 into a 15-year FEL is an important milestone for the Company, as it allows our flagship Inishkea gas project to be drilled once funding and relevant regulatory permissions have been secured. With a one in three chance of holding gross mean un-risked prospective resources of 1.5tcf of gas, close proximity to the producing Corrib field, and the potential availability of spare capacity in the ga...