Europa Oil & Gas (Holdings) plc has secured more time for further technical studies and to secure a partner to develop its 100% operated FEL 4/19 licence offshore Ireland.
INISHKEA PROSPECT
The Inishkea prospect in FEL 4/19, which lies in the Slyne basin and near the producing Corrib gas field and associated infrastructure, is the company’s flagship project in Ireland.
Europa said that the Department of the Environment, Climate and Communications (DECC) had granted an extension of the first phase to 31 January 2024.
The company’s single exploration licence offshore Ireland has the potential to host gross mean un-risked prospective resources of 1.5 trillion cubic feet (tcf) gas.
LOW EMISSIONS
Chief executive Simon Oddie added that FEL 4/19 could 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.”