5th Jul 2019 13:55
(Alliance News) - Europa Oil & Gas Holdings PLC on Friday noted a statement from the Irish Offshore Operators' Association on the government's decision to abandon the Climate Emergency Bill.
Shares in Europa were up 33% at 3.07 pence in afternoon trade.
The Irish government opted not to proceed with the bill, which was welcome news for the association. It was also good for Europa, which holds six offshore Ireland licences containing gross mean un-risked prospective resources of 6.4 billion barrels oil equivalent plus 1.5 trillion cubic feet of gas.
IOOA Chief Executive Mandy Johnson said: "There is no realistic scenario under which gas and oil will not be required to contribute a major part of Ireland's energy supply in the short to medium term."
The bill, intended to limit new licences for fossil fuel extraction in Ireland, did not receive approval for public funding from the Irish government and, as a result, was abandoned.
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