2nd Aug 2016 08:31
LONDON (Alliance News) - Europa Oil & Gas (Holdings) PLC Tuesday said two exploration licenses in the South Porcupine basin offshore Ireland have been extended by one year until July 4, 2017.
The company said the phase one frontier exploration licenses 2/13 and 3/13 are the ones to have been extended by the Department of Communications, Climate Action & Environment and will allow Europa ore time to conduct work on the asset.
"This will allow Europa to mature existing prospects and perform detailed mapping of all potential prospective levels on both licences, including the Pre-Rift, Syn-Rift and Tertiary plays, whilst it continues to seek a farm out partner for drilling," said the company.
The 3/13 licence holds prospective resources of around 1.50 billion barrels of oil equivalent in three early Cretaceous submarine fan prospects and 595 million barrels of oil equivalent in 2/12 in early Cretaceous turbidite channel prospects.
"We believe there is scope to further enhance this potential with additional plays in the Syn-rift, Pre-rift and Tertiary. Whilst we hope that all of these plays are proved successful in the South Porcupine basin by drilling, at this early stage in the exploration of a frontier basin, it is beneficial to have a diversity of plays in our portfolio," said Europa.
Europa shares were down 2.7% to 5.11 pence per share on Tuesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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