Europa Oil & Gas (Holdings) plc FEL 4/19 Licence Extension Approval
3 November 2022
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.