Europa Oil & Gas (Holdings) PLC Irish Licence Emissions Report (0533S)
March 07 2023 - 2:00AM
UK Regulatory
TIDMEOG
RNS Number : 0533S
Europa Oil & Gas (Holdings) PLC
07 March 2023
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
7 March 2023
Europa Oil & Gas (Holdings) plc
("Europa" or the "Company")
Irish Licence Emissions Report
Europa Oil & Gas (Holdings) plc, the AIM quoted UK and
Ireland focused oil and gas exploration, development and production
company, announces that it has published on the Company's website a
third-party report (the "Report") that details the results of a
study which calculated the emissions associated with the
development of a future 1 TCF indigenous gas discovery on its Irish
offshore Licence FEL 4/19 (the "Licence"). The Report was
independently researched and compiled by sustain:able (
https://www.esgable.com/ ), an ISO certified emissions advisory
company that specialises in forecasting greenhouse gas emissions
associated with the upstream oil and gas industry.
The key findings of the study listed in the Report are as
follows:
-- the average emissions intensity for Irish offshore Corrib gas is 5 kgCO(2) e/boe [1] ;
-- the average emissions intensity for indigenous gas on the
Licence is forecast to be 2.8 kgCO(2) e/boe;
-- the average emissions intensity of imported gas from UK is 36
kgCO(2) e/boe (over 12 times more CO(2) than indigenous gas from
the Licence); and,
-- LNG [2] from the USA would have an emissions intensity of 145
kgCO(2) e/boe (over 50 times more CO(2) than Irish indigenous
gas).
The very low emissions associated with the development of a gas
discovery on the Licence detailed in the Report are primarily due
to the following factors:
-- the close proximity of the Licence to the existing Corrib
field (Corrib is only c.11km from the Licence);
-- gas would be produced through the existing subsea pipeline
and facilities located at the Bellanaboy Gas Terminal;
-- the quality of the gas and the low levels of impurities associated with the gas;
-- the quality of the reservoir anticipated and the forecast
initial production rates from wells on the Licence;
-- the anticipated size of the gas resource; and,
-- the forecast production profiles associated with a gas discovery on the Licence.
Simon Oddie, CEO of Europa, commented:
"This report demonstrates the strategic importance of developing
this gas resource, which will not only contribute to Ireland's
energy security, in line with the EU's stated goals of diversifying
gas supply, but would also lead to significantly reduced emissions
during the transition to renewable energy. Production from the
Licence would reduce Ireland's absolute emissions associated with
imported gas from the UK by over 50%."
* * ENDS * *
For further information, please visit www.europaoil.com or
contact:
Simon Oddie / William Europa Oil & Gas (Holdings) mail@europaoil.com
Holland / Murray Johnson plc
Strand Hanson Limited
- Nominated & Financial +44 (0) 20 7409
James Dance / James Spinney Adviser 3494
+44 (0) 20 7186
Peter Krens Tennyson Securities 9033
Patrick d'Ancona / Finlay + 44 (0) 20 7390
Thomson / Kendall Hill 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 for the year ending 31 July 2022 was
245 bopd. 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.
[1] kilograms of carbon dioxide equivalent per barrel of oil
equivalent, where 1 barrel of oil equates to 6,000 standard cubic
feet of gas.
[2] liquified natural gas
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
MSCBLGDXIBGDGXL
(END) Dow Jones Newswires
March 07, 2023 02:00 ET (07:00 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