Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas
13 June 2016
Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company')
Transfer of interest in and operatorship of FEL 2/13 and 3/13 offshore Ireland
Europa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration,
development and production company focused on Europe, is pleased to announce
that consent has been received from the Irish Minister of Energy for the
transfer of interest in and operatorship of, Frontier Exploration Licences
('FEL') 2/13 and 3/13 from Kosmos Energy Ireland. Europa now has 100% interest
in, and is operator of seven licences in the Atlantic basins offshore Ireland.
As announced on 8 June 2016, Europa's portfolio of seven offshore Ireland
licences is estimated to hold combined gross mean un-risked prospective and
indicative resources of up to 4 billion barrels of oil equivalent and 1.5 tcf
of gas in various prospects in the Cretaceous fan and pre-rift plays. For
clarity, prospective resources are by definition potentially recoverable.
Europa is currently running a data room to farm-out interests in FEL 2/13, FEL
3/13 and LO 16/2. The response from target companies, majors and midcaps has
been positive to date and the confirmation of the transfer of interest in the
two FELs removes a potential obstacle to the farm-out.
Europa CEO Hugh Mackay said, "We believe that the North Atlantic contains two
of the world's exploration 'hotspots'. One is in the Flemish Pass basin
offshore Newfoundland and the other is offshore West Ireland. We are delighted
that major oil companies have returned to Ireland's Porcupine basin. We are
focused on finding a suitable partner with whom we can look to prove our
existing licenses via the drill bit. With this in mind, I look forward to
providing updates on our progress."
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For further information please visit http://www.europaoil.com/ or contact:
Hugh Mackay Europa + 44 (0) 20 7224
3770
Phil Greenhalgh Europa + 44 (0) 20 7224
3770
Matt Goode finnCap Ltd + 44 (0) 20 7220
0500
Simon Hicks finnCap Ltd + 44 (0) 20 7220
0500
Frank Buhagiar St Brides Partners Ltd + 44 (0) 20 7236
1177
Susie Geliher St Brides Partners Ltd + 44 (0) 20 7236
1177
Notes
Europa Oil & Gas (Holdings) plc has a diversified portfolio of multi-stage
hydrocarbon assets that includes production, exploration and development
interests, in countries that are politically stable, have transparent licensing
processes, and offer attractive terms. In 2015 Europa produced 141 boepd. Its
highly prospective exploration projects include the Wressle development
(targeting production start-up later in 2016 at up to 500 bopd gross) in the
UK; 100% owned gas exploration prospect (107 bcf) and appraisal project (CPR
277 bcf) in onshore France, a joint venture with Vermilion Energy also in
onshore France; and seven licences offshore Ireland with the potential to host
gross mean un-risked resources of more than 4 billion barrels oil and 1.5 tcf
gas across all seven licences.
Qualified Person Review
This release has been reviewed by Hugh Mackay, Chief Executive of Europa, who
is a petroleum geologist with 30 years' experience in petroleum exploration and
a member of the Petroleum Exploration Society of Great Britain, American
Association of Petroleum Geologists and Fellow of the Geological Society. Mr
Mackay has consented to the inclusion of the technical information in this
release in the form and context in which it appears.