Europa Oil & Gas formally accepts 4 new licenses in Atlantic Margin round

Jun 08, 2016 12:00 AM

Europa Oil & Gas (Holdings) plc confirmed that it has formally accepted the award of four new Licensing Options as part of phase two of the 2015 Atlantic Ireland licensing round.

The oil and gas exploration and production firm received LO 16/19, LO 16/20. LO 16/21 and LO 16/22 in the latest licensing round, located in the South Porcupine, Slyne and Padraig basins, respectively. LO 16/19 has the potential to hold up to 1 billion barrels of oil equivalent gross mean un-risked indicative resources.

“I am delighted to confirm award of four new Licensing Options and to provide investors with some more technical background regarding the licenses. I hope that investors can now begin to understand how important this license round has been for Europa’s ongoing corporate development,” said Europa CEO Hugh Mackay in a company statement.

“All our licences have the potential to be high impact and each one could be a company maker for Europa in the event of drilling success. Europa is potentially exposed to 4 billion barrels of oil equivalent and 1.5 trillion cubic feet of gross mean un-risked indicative and prospective resources across the seven licenses.”

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