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Commencement of 3D Seismic, Offshore Ireland
Commencement of 3D Seismic, Offshore Ireland.
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\n15 July 2013\n\n Europa Oil & Gas (Holdings) plc (`Europa' or `the Company') \n\nAward of Frontier Exploration Licences and Commencement of 3D Seismic in South \n Porcupine Basin, Offshore Ireland \n\nEuropa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration and\ndevelopment company with a combination of producing and exploration assets in\nEurope, is pleased to announce the commencement of a 3D seismic acquisition\nprogramme in the South Porcupine Basin, offshore Ireland, following the award\nby the Irish Government of Frontier Exploration Licences (`FELs') 2/13 and 3/13\nto Kosmos Energy Ireland Ltd (`Kosmos') and Europa.\n\nKosmos, as operator, undertook to accelerate the conversion of Licensing\nOptions (`LO') 11/07 and 11/08 into FELs in order to bring forward the\nacquisition of 3D seismic into the summer of 2013. Accordingly, Kosmos have\nsecured from Polarcus, a seismic contractor, the use of the `M/V Polarcus\nAmani' vessel with which to acquire the 3D seismic. In tandem with this, Kosmos\nhas also obtained the appropriate permits for this programme from the relevant\ndepartments of the Irish Government.\n\nFELs 2/13 and 3/13 are located over 75% of the area formerly held under LO 11/\n07 and 11/08 respectively, and combined cover approximately 1,500 sq km in the\nhighly prospective South Porcupine Basin in the Irish Atlantic Margin. The FELs\nhave been granted by the Minister of State at the Department of Communications,\nEnergy and Natural Resources and are effective from 5 July 2013 and were\nnotified to the operator on 11 July 2013. Each FEL lasts for a period of 15\nyears and is broken down into a maximum of four phases. The first phase of\nthree years includes a commitment to acquire 740 sq km of 3D seismic on each\nlicence. The second phase lasts four years and has a commitment to drill an\nexploration well on each licence. As with the original LOs, the FELs will be\noperated by Kosmos, who hold an 85% interest with Europa holding the remainder.\n\nEuropa's CEO Hugh Mackay said: \"Out of all the Licensing Options awarded in the\n2011 Atlantic Margin Licensing Round, the three operated by Kosmos, two of\nwhich Europa has a 15% interest in, are the first to be converted into FELs.\nThe early award of...