Ireland sanctions Europa farm-out to Cairn Energy

Europa Oil & Gas chief executive Hugh Mackay
Europa Oil & Gas chief executive Hugh Mackay

The Irish Government has sanctioned Europa Oil and Gas’s farm out of a 70% stake in an offshore licence to Edinburgh-based Cairn Energy.

Europa has also handed over the operatorship of Licensing Option 16/19 in the South Porcupine Basin, off the south-west tip of Ireland, to Cairn subsidiary Capricorn Ireland.

Cairn will pay for Europa’s share of the Crean Multiclient 3D seismic acquisition programme which will be carried out on the licence in summer by TGS.

Europa chief executive Hugh Mackay said: “The farm-out of LO 16/19 demonstrates how we intend to fast track the exploration of our industry leading position offshore Ireland by securing suitable partners with whom we can take each of our licences forward.

“In line with this we continue to talk with a number of interested parties for our remaining licences and I look forward to providing further updates as and when it is appropriate to do so.”