22nd Sep 2015 11:10
LONDON (Alliance News) - Europa Oil & Gas (Holdings) PLC Tuesday said that it intends to assume a 100% interest in and operatorship of the FEL 2/13 and FEL3/13 licences in the Porcupine Basin, offshore Ireland, after Kosmos Energy Ireland has opted to withdraw from from its joint operating agreements for both blocks.
The company said that whilst it was "disappointed" Kosmos opted to withdraw from Ireland, it appreciates " the necessity for portfolio rationalisation in the current business environment and their decision brings opportunity to Europa."
Europa expressed confidence there will be interest in partnership with it on both licences given the number of applications in Ireland's 2015 Atlantic Margin Round.
"We anticipate that the 2015 licensing round will bring new entrants into the basin including major and mid-cap oil companies. We are very confident in our technical and commercial work and look forward to updating the market as we take these licences forward," said Chief Executive Officer Hugh Mackay in a statement.
Shares in Europa were down 16% at 3.24 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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