Europa Oil & Gas reported Monday that it has received government consent for the farming out of its Irish licensing options to independent oil and gas firm Kosmos Energy.
Europa reported that the Irish government has approved the transfer from Europa to Kosmos of 85 percent of Europa’s Licensing Option 11/7 and LO 11/8, which together cover approximately 770 square miles in the South Porcupine Basin in the Irish Atlantic Margin. Kosmos also assumes operatorship of the licensing options, while Europa will retain 15 percent of both options.
The proposed farm-in deal was previously announced April 18.
Europa CEO Hugh Mackay commented in a company statement Monday:
"Subject to government approval for converting the Licensing Options into full exploration licences, the next steps will involve acquiring 3-D seismic over both blocks. We are pursuing the same Cretaceous stratigraphic play that Kosmos pioneered in the Atlantic Margin basins offshore West Africa. Kosmos have outstanding technical and operational experience of exploring this play and are the ideal partner to lead our exploration programme in the South Porcupine basin.
"The recent announcements by ExxonMobil on 23 April of the commencement of drilling on the nearby Dunquin prospect and by Cairn Energy on 7 May regarding their farm-in to three licences in the North Porcupine basin indicate that we are entering an important period in offshore Ireland oil and gas exploration, in which Europa will be playing a key role."
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