Europa Oil & Gas has beefed-up its portfolio with four new licences offshore Ireland.
Ireland’s Department of Communications, Energy and Natural Resources (DCENR) awarded the licences as part of the second phase of the Atlantic Ireland licensing round.
The recent awards cover the South Porcupine Basin, the Padraig Basin and the Slyne Basin, increasing the company’s portfolio of licences offshore Ireland to seven.
Chief executive Hugh MacKay said: “Our priority in the short term is to secure a farm-in partner for our South Porcupine licences with whom we can drill one or more of the drill-ready prospects we have already identified using our state of the art 3D seismic. Publication of this map is therefore important as it provides potential farminees with clarity on the licence holding situation. Many of our neighbours are strong companies who have already undertaken, or will be undertaking, significant exploration programmes including 3D seismic and exploration drilling which will enhance technical and commercial appreciation of the basin and Europa’s licences.
“The entry of majors and supermajors and the commitment to substantial work programmes sends a clear signal to the global oil industry that Ireland’s Atlantic Margin is an exploration hotspot. This is an enviable position given low oil prices and low levels of exploration activity elsewhere in the world. Europa has a leading position in offshore west Ireland with seven high impact licences containing a combined 4 billion boe and 1.5 TCF of gross mean un-risked indicative and prospective resources. I look forward to providing the market with updates regarding our farm-out process in due course.”