Europa Oil & Gas Secures New License Option in Porcupine Basin, Ireland
February 12 2016 - 3:41AM
Dow Jones News
By Alex MacDonald
LONDON--Europa Oil & Gas (Holdings) PLC (EOG.LN) said Friday
it has secured a new license option in the southern Porcupine
Basin, which lies offshore Ireland.
It expects to receive a letter of award from Ireland's
government shortly, detailing the area of the award.
The government awarded 14 licensing options in its latest
bidding round to companies that include Eni Spa (E), Europa Oil
& Gas, ExxonMobil (XOM), Nexen, a wholly-owned subsidiary of
CNOOC Ltd. (0883.HK), Scotia Waterous, a unit of Scotiabank,
Statoil ASA (STL.OS) and Woodside Petroleum Ltd. (WPL.AU) as
operators, along with BP PLC (BP) who will partner with Eni.
"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," said Europa Chief Executive Hugh
Mackay.
The Europe-focused oil and gas explorer is still in the process
of reassuming full ownership and operating responsibility of
licences FEL 2/13 and FEL 3/13 in the Basin from Kosmos Energy
Ltd.'s (KOS) after the latter decided to exit its investments in
Ireland in the current protracted oil price weakness.
The FEL 2/13 and FEL 3/13 licenses have the potential to hold
about 1.5 billion barrels of oil equivalent resources across three
prospects. These are valued at $1.1 billion, taking development
risks into account and $7 billion in the absence of any development
risks.
Europa is currently trying to find a partner to develop the
three prospects.
Write to Alex MacDonald at alex.macdonald@wsj.com
(END) Dow Jones Newswires
February 12, 2016 03:26 ET (08:26 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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