Europa Oil & Gas (Holdings) PLC FEL 4/19 -- Status of Licence (1598U)
July 29 2022 - 2:00AM
UK Regulatory
TIDMEOG
RNS Number : 1598U
Europa Oil & Gas (Holdings) PLC
29 July 2022
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
29 July 2022
Europa Oil & Gas (Holdings) plc
("Europa" or the "Company")
FEL 4/19 - Status of Licence
Europa Oil & Gas (Holdings) plc, the AIM traded UK, Ireland
and Morocco focused oil and gas exploration, development, and
production company, is pleased to announce that the Irish
government Department of the Environment, Climate and
Communications ("DECC") has advised the Company that its FEL 4/19
licence will remain live until the DECC notifies the Company
otherwise.
On 7 August 2019, Europa announced the award of FEL 4/19, the
terms of which are standard and include:
-- Validity for 15 years, commencing on 1 August 2019; and
-- Division into four phases, the first of which ends on 31 July 2022.
The Company has completed all work commitments for the first
phase of the licence and in March 2022 applied to DECC for an
extension to the first phase in order to carry out further
technical studies and allow more time to secure a farm out of the
licence. The licence extension application remains under review,
and whilst there can be no guarantee the extension will be granted,
the DECC has confirmed that the licence will remain live, pending a
decision on the application, regardless of how long it takes for
DECC to make the decision.
Simon Oddie, Europa's CEO, said:
"FEL 4/19 contains the large, low risk, Inishkea gas prospect
and is a strategic asset that can potentially provide a reliable
source of low emission energy for Ireland and play a key role in
the transition to renewable green power. Gas from the Corrib field,
adjacent to the Inishkea prospect, is one of the lowest
carbon-intensity gases in Europe, much lower than long distance
pipeline gas from Norway, the UK or the Russian gas piped to
Europe.
Given that Ireland will continue to require gas into the
foreseeable future, having recently agreed plans to build new
gas-powered electricity plants, it makes sense to keep this
potentially valuable source of indigenous gas available. We
therefore hope that the requested licence extension will be granted
as soon as possible, which will allow the Company to carry out
further technical studies and seek a project partner."
* * ENDS * *
For further information, please visit www.europaoil.com or
contact:
Simon Oddie Europa Oil & Gas (Holdings) mail@europaoil.com
Will Holland plc mail@europaoil.com
Europa Oil & Gas (Holdings)
plc
Murray Johnson Europa Oil & Gas (Holdings) mail@europaoil.com
plc
Strand Hanson Limited - Nominated +44 (0) 20 7409
James Dance & Financial Adviser 3494
Strand Hanson Limited - Nominated +44 (0) 20 7409
James Spinney & Financial Adviser 3494
+44 (0) 20 7186
Peter Krens Tennyson Securities 9033
+ 44 (0) 20 7390
Patrick d'Ancona Vigo Consulting 0230
+ 44 (0) 20 7390
Finlay Thomson Vigo Consulting 0230
Notes to Editors
Europa Oil & Gas (Holdings) plc has a diversified portfolio
of multi-stage hydrocarbon assets which includes production,
development and exploration interests, in countries that are
politically stable, have transparent licensing processes, and offer
attractive terms. Production in the half-year to 31st January 2022
was 208 boepd. In April 2022, Europa farmed into P.2358, Block
13/23c ("Serenity") in the Outer Moray Firth area of the North Sea.
The licence contains the 2019 Serenity oil discovery, in which
Europa now has a 25% interest. The Company holds one exploration
licence offshore Ireland, which has the potential to host gross
mean un-risked prospective resources of 1.5 trillion cubic feet
("tcf") gas. Inishkea is a near field gas prospect in the Slyne
Basin which the Company classifies as lower risk due to its close
proximity to the producing Corrib gas field and associated gas
processing infrastructure. In September 2019, Europa was awarded a
75% interest in the Inezgane permit offshore Morocco. Initial
results of technical work have identified 30 prospects and leads
that have the potential to hold in excess of one billion barrels of
unrisked oil resources. In December 2021, Europa announced a
collaboration between Baker Hughes and CausewayGT to conduct a
geothermal clean heat project at the Company's West Firsby field.
If this project is successful, it will prove the operational
ability to extract and use geothermal heat from the site.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCFLFSRDIITFIF
(END) Dow Jones Newswires
July 29, 2022 02:00 ET (06:00 GMT)
Europa Oil & Gas (holdin... (LSE:EOG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Europa Oil & Gas (holdin... (LSE:EOG)
Historical Stock Chart
From Jul 2023 to Jul 2024