Europa Oil & Gas (Holdings) PLC FEL 4/19 Licence Extension Approval (1418F)
03 Noviembre 2022 - 1:00AM
UK Regulatory
TIDMEOG
RNS Number : 1418F
Europa Oil & Gas (Holdings) PLC
03 November 2022
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
3 November 2022
Europa Oil & Gas (Holdings) plc
("Europa" or the "Company")
FEL 4/19 Licence Extension Approval
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, further to its
announcement of 29 July 2022, that it has received notification
from the Department of the Environment, Climate and Communications
("DECC") that the Minister has given his consent to extend the
first phase of FEL 4/19 to 31 January 2024. The Company 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.
Simon Oddie, CEO of Europa, said :
"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, low risk,
Inishkea gas prospect and is a strategic asset that can potentially
provide a reliable source of low emission energy for Ireland. 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. Ireland will continue to require gas into the
foreseeable future, having recently agreed plans to build new
gas-powered electricity plants. Inishkea, if successful on
drilling, could provide a highly secure source of indigenous gas
for Ireland, and play a key role in the transition to renewable
green power.
We look forward to working constructively with DECC as we seek
to progress FEL 4/19 to drilling, and to attracting additional
partners to this prospective licence."
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014, as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended.
* * ENDS * *
For further information, please visit www.europaoil.com or
contact:
Simon Oddie Europa Oil & Gas (Holdings) mail@europaoil.com
plc
William Holland Europa Oil & Gas (Holdings) mail@europaoil.com
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
Jo Lonergan Murray Consultants +353 87 237 9458
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. 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.
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