UK-headquartered and AIM-listed oil and gas company Europa Oil & Gas has secured a license extension for a natural gas prospect off the coast of Ireland.
Europa Oil & Gas has received a notification from the Irish government’s Department of Climate, Energy and the Environment that the Minister consented to extend Phase 1 of FEL 4/19 to January 31, 2028. The firm intends to use the extension to carry out further technical studies and allow more time to secure a partner to advance development of the licence.
Previously, a report showed the potential of the 1.5 tcf Inishkea West gas prospect in strengthening the country’s energy security and assisting in curbing its carbon footprint by lowering the dependence on emission-intensive imports.
William Holland , Chief Executive Officer of Europa, commented: “I am delighted that our application has been granted and that we can continue with further technical studies of the licence and seeking a project partner. FEL 4/19 contains the large 1.5 TCF, low risk Inishkea West gas prospect which 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.
“ Given the proximity to existing infrastructure, a discovery at Inishkea West could be brought online quickly and would reduce Ireland’s reliance on imported gas. Domestic gas from Inishkea West would have significantly lower carbon emissions than imported gas from the UK, Norway or further afield. We look forward to working constructively with DECC as we seek to progress FEL 4/19 to drilling, and to attract additional partners to this prospective licence.”
This license extension in Ireland comes weeks after Europa Oil & Gas confirmed that all requirements were in place for an extension of a production sharing contract (PSC), covering a block off the coast of Equatorial Guinea.