Europa Eyes Porcupine Farm-out in Early 2016
In an interview with Rigzone, Europa Oil & Gas plc CEO Hugh Mackay confirmed that the company will begin the farm-out process of its assets in the Porcupine Basin, offshore Ireland, as early as January 2016, following Kosmos Energy Ireland’s withdrawal from licenses FEL 2/13 and FEL 3/13.
Europa announced Sept. 22 that it would assume a 100 percent interest in, and operatorship of, licenses FEL 2/13 and FEL 3/13 in the Porcupine Basin, after Kosmos Energy Ireland withdrew from the Joint Operating Agreements (JOA) for both licenses. Mackay told Rigzone that the farm-out data room for the company’s increased Porcupine assets will open in January next year.
Commenting on the company’s farm-out plans, Europa Oil & Gas CEO Hugh Mackay told Rigzone:
“If everything goes according to plan, we’re not going to remain at 100 percent for too long. We will be putting a lot of effort to getting in a farm … In terms of really moving the needle on Europa, the UK stuff keeps the storeboard ticking over – it’s important, it can generate revenue – but in terms of hitting the home run, that’s in Ireland. These prospects are company makers. We’re talking about prospects which are hundreds of millions of barrels and this has all been audited and validated.”
To find out more about Europa’s activity in Ireland, as well as the onshore UK Wressle discovery, which could be larger than first envisaged according to Europa, and the company’s recent license applications in the UK’s 14th onshore licensing round, listen below.
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