12th Feb 2016 08:50
LONDON (Alliance News) - Europa Oil & Gas (Holdings) PLC on Friday said it has been awarded a new licensing option in the southern Porcupine Basin offshore Ireland as part of the first phase of the 2015 Atlantic Ireland round.
Europa will have a 100% interest in the two-year licensing option, and following the completion of a work programme has the option to apply to the Irish authorities for their consent to convert the licence into an FEL.
"We are pleased that major and mid-cap oil companies are now taking acreage positions
around our licences and we feel this is providing validation of our long held belief that the South Porcupine Basin is underexplored and has the potential to hold substantial hydrocarbon reserves," Chief Executive High Mackay said in a statement.
"We have made other applications that remain live and look forward to the announcement of the second phase of awards during May," he added.
Shares in Europa were trading up 29% at 3.70 pence on Friday morning following the announcement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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