REG - Europa Oil & Gas - Irish Licence Emissions Report

Europa Oil & Gas (Holdings)Announcement

07/03/2023 07:00

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RNS Number : 0533S  Europa Oil & Gas (Holdings) PLC  07 March 2023

 

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

 

7 March 2023

 

Europa Oil & Gas (Holdings) plc

("Europa" or the "Company")

 

Irish Licence Emissions Report

 

Europa Oil & Gas (Holdings) plc, the AIM quoted UK and Ireland focused oil
and gas exploration, development and production company, announces that it has
published on the Company's website a third-party report (the "Report") that
details the results of a study which calculated the emissions associated with
the development of a future 1 TCF indigenous gas discovery on its Irish
offshore Licence FEL 4/19 (the "Licence"). The Report was independently
researched and compiled by sustain:able (https://www.esgable.com/
(https://www.esgable.com/) ), an ISO certified emissions advisory company that
specialises in forecasting greenhouse gas emissions associated with the
upstream oil and gas industry.

 

The key findings of the study listed in the Report are as follows:

·    the average emissions intensity for Irish offshore Corrib gas is 5
kgCO(2)e/boe 1  (#_ftn1) ;

·    the average emissions intensity for indigenous gas on the Licence is
forecast to be 2.8 kgCO(2)e/boe;

·    the average emissions intensity of imported gas from UK is 36
kgCO(2)e/boe (over 12 times more CO(2) than indigenous gas from the Licence);
and,

·    LNG 2  (#_ftn2) from the USA would have an emissions intensity of 145
kgCO(2)e/boe (over 50 times more CO(2) than Irish indigenous gas).

 

The very low emissions associated with the development of a gas discovery on
the Licence detailed in the Report are primarily due to the following factors:

·    the close proximity of the Licence to the existing Corrib field
(Corrib is only c.11km from the Licence);

·    gas would be produced through the existing subsea pipeline and
facilities located at the Bellanaboy Gas Terminal;

·    the quality of the gas and the low levels of impurities associated
with the gas;

·    the quality of the reservoir anticipated and the forecast initial
production rates from wells on the Licence;

·    the anticipated size of the gas resource; and,

·    the forecast production profiles associated with a gas discovery on
the Licence.

 

Simon Oddie, CEO of Europa, commented:

 

"This report demonstrates the strategic importance of developing this gas
resource, which will not only contribute to Ireland's energy security, in line
with the EU's stated goals of diversifying gas supply, but would also lead to
significantly reduced emissions during the transition to renewable energy.
Production from the Licence would reduce Ireland's absolute emissions
associated with imported gas from the UK by over 50%."

 

* * ENDS * *

For further information, please visit www.europaoil.com
(http://www.europaoil.com/)  or contact:

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

 

 

 

 

 

 1  (#_ftnref1) kilograms of carbon dioxide equivalent per barrel of oil
equivalent, where 1 barrel of oil equates to 6,000 standard cubic feet of gas.

 2  (#_ftnref2) liquified natural gas

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