29th Jan 2024 10:27
Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development, and production company - Says that Phase One of FEL 4/19, its licence in the Slyne basin, has been extended following approval from the Irish Government's Department of the Environment, Climate & Communications.
The Inishkea prospect in FEL 4/19 is Europa's flagship project in Ireland. It is located in the Slyne basin, near the Corrib gasfield.
The minister of the department has consented to extend the initial phase of studies at the licence to January 31, 2026. Europa intends to use the extra time to carry out further technical studies, and allow more time to secure a development partner.
Chief Executive Officer Will Holland says: "Given the proximity to existing infrastructure, a discovery at Inishkea West could be brought online quickly and would reduce Ireland's reliance on imported gas. Domestic gas from Inishkea West would have significantly lower carbon emissions than imported gas from the UK, Norway or further afield."
Current stock price: 1.00 pence, up 8.1% in London on Monday
12-month change: down 12%
By Holly Beveridge, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.