Business
Offer of New Offshore Ireland Licensing Options
Offer of New Offshore Ireland Licensing Options.
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\n3 June 2016\n\nEuropa Oil & Gas (Holdings) plc (‘Europa’ or ‘the Company’)\n\nOffer of New Offshore Ireland Licensing Options\n\nEuropa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration, development and production company focused on Europe, is pleased to announce it has been offered four new Licensing Options (‘LOs’) as part of phase two of the 2015 Atlantic Ireland round in the southern Porcupine Basin, the Padraig Basin and the Slyne Trough. This follows the announcement on 3 June 2016 by Seán Kyne T.D., Minister of State for Natural Resources at the Department of Communications, Energy and Natural Resources (‘DCENR’).\n\nThe Company understands it will shortly be issued with a formal offer letter from DCENR, at which point Europa will confirm its acceptance of the LOs. Once all the offers have been accepted DCENR will publish a map showing the awarded LOs and the relevant companies. Following the completion of a work programme, Europa has the option to apply to the Irish authorities for their consent to convert each LO into a full Frontier Exploration Licence (‘FEL’).\n\nLicence awards in the 2015 Atlantic Ireland round have been made in two phases. Phase one announced on 11 February 2016 was for 14 Licensing Options and involves eight companies: Eni, Europa, ExxonMobil, Nexen, Scotia, Statoil and Woodside as operators, along with BP who will partner with Eni. Europa was awarded LO 16/2 in phase one.\n\nPhase two announced on 3 June 2016 is for 14 Licensing Options and involves 11 companies: AzEire Petroleum, Capricorn Ireland, Europa Oil and Gas, Faroe Petroleum, Petrel Resources, Predator Oil and Gas, Providence Resources, Ratio Petroleum and Scotia Oil and Gas, all as operators, along with Theseus who will partner Predator, and Sosina Exploration who will partner Providence. Europa has been awarded four LOs in phase two.\n\nEuropa CEO Hugh Mackay said, “We are delighted with the offer of four Licensing Options in phase two of the 2015 Atlantic Ireland round against strong competition and further building our Irish licence portfolio. Subject to formal award, we will have a diversified portfolio of seven high impact exploration licences across thre...