REG - Europa Oil & Gas - FEL 4/19 Licence Extension Approval

Europa Oil & Gas (Holdings)Announcement

29/01/2024 07:00

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RNS Number : 1734B  Europa Oil & Gas (Holdings) PLC  29 January 2024

 

Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil
& Gas

 

29 January 2024

 

Europa Oil & Gas (Holdings) plc

("Europa" or the "Company")

 

FEL 4/19 Licence Extension Approval

 

Europa Oil & Gas (Holdings) plc, the AIM quoted UK, Ireland and West
Africa focused oil and gas exploration, development and production company, is
pleased to announce, further to its announcement of 2 October 2023, that it
has received notification from the Irish Government's Department of the
Environment, Climate and Communications (DECC) that the Minister has given his
consent to extend the Phase 1 of FEL 4/19 to 31 January 2026. 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.

 

Will Holland, Chief Executive Officer 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 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 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
(http://www.europaoil.com/)  or contact:

 William Holland                                   Europa Oil & Gas (Holdings) plc                            mail@europaoil.com
 James Dance / James Spinney / Rob Patrick         Strand Hanson Limited - Nominated & Financial Adviser      +44 (0) 20 7409 3494
 Peter Krens                                       Tennyson Securities                                        +44 (0) 20 7186 9033
 Patrick d'Ancona / Finlay Thomson / Kendall Hill  Vigo Consulting                                            + 44 (0) 20 7390 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. Average net production for
the financial year ending 31 July 2023 was 265 bopd. On 21 December 2023 the
Company acquired 42.9% interest in Antler Global, which holds an 80% interest
in the EG08 PSC offshore Equatorial Guinea. EG08 contains an estimated gross
mean un-risked 1.4 trillion cubic feet ("TCF") gas prospective resources that
can be tested with a single well with a 92% chance of success. EG08 is
adjacent to the Chevron licence that contains the Alen gas field which is
connected via pipeline to the Bioko Island LNG plant. Europa took over
operatorship of PEDL343 ("Cloughton") on 27 July 2023 in which Europa holds a
40% interest and contains an estimated 192 billion cubic feet "BCF") of gas in
place. Europa holds a 25% interest in P.2358, Block 13/23c ("Serenity") in the
Outer Moray Firth area of the North Sea, which the 2019 Serenity oil
discovery. The Company holds one exploration licence offshore Ireland, which
has two principal prospects, the largest of which has the potential to host
gross mean un-risked prospective resources of 1.5 TCF gas. Inishkea West 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.

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