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

Europa Oil & Gas (Holdings)Announcement

03/11/2022 07:00

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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
(http://www.europaoil.com/)  or contact:

 Simon Oddie       Europa Oil & Gas (Holdings) plc                            mail@europaoil.com
 William Holland   Europa Oil & Gas (Holdings) plc                            mail@europaoil.com
 Murray Johnson    Europa Oil & Gas (Holdings) plc                            mail@europaoil.com

 James Dance       Strand Hanson Limited - Nominated & Financial Adviser      +44 (0) 20 7409 3494
 James Spinney     Strand Hanson Limited - Nominated & Financial Adviser      +44 (0) 20 7409 3494

 Peter Krens       Tennyson Securities                                        +44 (0) 20 7186 9033

 Patrick d'Ancona  Vigo Consulting                                            +44 (0) 20 7390 0230
 Finlay Thomson    Vigo Consulting                                            +44 (0) 20 7390 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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