Europa Oil & Gas has been awarded a new licensing option in the southern Porcupine Basin offshore Ireland.
The company said the award was given as part of the first phase of the 2015 Atlantic round.
It follows an earlier announcement this month by the Minister of State at the Department of Communications, Energy and Natural Resources Joe McHugh.
Europa will have a 100% interest in the two year licence award and following completion of a work programme, has the option to apply to the Irish authorities for their consent to convert the
licence.
Europa chief executive Hugh Mackay said: “We are delighted with the award of this Licensing Option, particularly given the strength of the competing companies.
“This is an endorsement of the strong technical work that supported our bids. We are pleased that major and mid-cap oil companies are now taking acreage positions around our licences and we feel this is providing validation of our long held belief that the South Porcupine Basin is underexplored and has the potential to hold substantial hydrocarbon reserves.
“The success of this licensing round indicates that the Porcupine is no longer under appreciated. We have made other applications that remain live and look forward to the announcement of the second phase of awards during May.”
Recommended for you
