Europa Oil & Gas acquires license offshore Ireland, seeks drilling partner

Europa Oil & Gas (Holdings) PLC is seeking a partner or partners for drilling offshore Ireland following an agreement to acquire 100% interest in frontier exploration license (FEL) 3/19, offshore Ireland, from DNO ASA.

The license, 18 km east of the 1 tcf producing Corrib gas field associated gas processing infrastructure in Slyne basin, will add the 1.2 tcf Edge prospect to Europa’s inventory in Ireland.  This includes the nearby 1.5 tcf Inishkea prospect on Europa’s 100%-owned FEL 4/19.

FEL 3/19, formerly LO 16/23, was acquired by DNO acquired following the 2019 acquisition of Faroe Petroleum. 

Europa is acquiring the interest for a nominal upfront fee and the granting of a 5% net profits interest over future production of gas and liquids from any accumulation on the license to DNO.

All work commitments on FEL 3/19 have been fulfilled and, subject to regulatory approval, Europa’s forward plan will be to include FEL 3/19 in a relaunch of the farmout of its position in Slyne basin.

“Both Edge and Inishkea are viewed as being drill ready and our aim will be to secure a partner or partners to fund drilling activity on one or both licenses at the earliest opportunity,” said Simon Oddie, Europa interim chief executive officer and executive chairman.