Exploration and manufacturing firm Europa Oil & Gas has acquired a 100 per cent curiosity in Frontier Exploration Licence (FEL) three/19 offshore Ireland from Norwegian oil firm DNO.

Europa mentioned
on Thursday that buying FEL three/19, which is situated near the 1tcf
producing Corrib gasoline discipline within the Slyne basin, would add the 1.2 tcf Edge
prospect to Europa’s stock in Ireland.

The firm
added that the stock included the close by 1.5 tcf Inishkea prospect on
Europa’s 100 per cent-owned FEL four/19.

According to
Europa, the acquisition will present the corporate with a confirmed gasoline play which is
in keeping with the refocusing of the Irish portfolio in the direction of gasoline.

FEL three/19, which lies 18 kilometres east of the manufacturing Corrib discipline, was previously the LO 16/23 block which DNO acquired following the Faroe Petroleum purchase.

Europa is
buying a 100 per cent curiosity within the licence from DNO for a nominal upfront
charge and the granting of a 5 per cent internet earnings Interest over future
manufacturing of gasoline and liquids from any accumulation on the licence.

The new
licence lies near Europa’s FEL four/19, and since each are close to Corrib and
related gasoline processing infrastructure, the corporate classifies the 2
licences as decrease danger “infrastructure-led” exploration.

It is value
noting that each one work commitments on FEL three/19 have been fulfilled and, topic
to regulatory approval, Europa’s ahead plan will likely be to incorporate FEL three/19 in a
relaunch of the farm-out of its strategic place within the Slyne Basin.

Simon Oddie, interim CEO and govt chairman of Europa, mentioned: “We are assured that by including FEL three/19 to our portfolio we’ve not solely elevated the quantum of gross potential gasoline assets to 2.7 tcf however have additionally elevated the attractiveness of what was already a compelling funding proposition within the Slyne Basin.

With gasoline set to play a key function in Ireland’s power combine and our licences situated close to Corrib and its processing infrastructure, our place advantages from having a extremely enticing danger/reward profile. With this in thoughts, we stay up for showcasing our new place to potential companions, a variety of whom we’ve been speaking to for a while.

Both Edge and Inishkea are seen as being drill-ready and our purpose will likely be to safe a associate or companions to fund drilling exercise on one or each licences on the earliest alternative.

Together with ongoing work on the bottom to convey the Wressle discipline in Lincolnshire into manufacturing in H2 2020 at an preliminary gross charge of 500bopd […] we’re effectively positioned to advance our portfolio of licences up the event curve and within the course of generate worth for our shareholders”.

To remind, the acquisition of this license comes a number of months after Europa relinquished its curiosity in one other Irish offshore licence – Licensing Option (LO) 16/19.

A number of weeks earlier than this, Europa took a blow relating to its farm-out hopes. Namely, an unnamed oil main gave up on farming into its licenses off Ireland. In doing so, the corporate was compelled to proceed its seek for a associate to drill its Inishkea prospect.

The put up Europa Oil & Gas buys Edge licence offshore Ireland appeared first on Offshore Energy.

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