Europa Oil & Gas Sees High Demand for Irish Licenses

Europe-focused energy firm Europa Oil & Gas (Holdings) plc revealed Wednesday that there has been a high level of interest in its Irish licenses, following the exit of its partner Kosmos from the country.

In a company statement ahead of the firm’s annual general meeting, Europa CEO Hugh Mackay commented:

“Following the withdrawal of our partner Kosmos from Ireland, we are in the process of transferring 100 percent equity and operatorship of the licenses back to Europa. We intend to secure a new partner for our Irish licenses to fund what could be a playmaking well at the earliest possible date and to take advantage of dramatically lower rig rates, which have halved over the past year. 

“Our data room opens on January 11, 2016, and already both January and February are almost fully booked. The response we are getting from major and mid-cap companies is highly encouraging. Combined with the record number of applications in the latest Irish Atlantic Margin Licensing Round in which Europa lodged multiple applications, we clearly are not alone in recognizing the enormous potential of the South Porcupine Basin.”

Europa currently holds two licenses in the South Porcupine Basin, FEL 2/13 and FEL 3/13. A CPR on FEL 3/13 undertaken by ERC Equipoise estimated audited resources of 1.5 billion barrels of oil equivalent across three prospects with an audited value of $7 billion for a 100 percent non-carried interest. In addition, Europa has estimated unaudited gross mean unrisked prospective resources of 595 million barrels of oil equivalent per day across four prospects in FEL 2/13.

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. In an interview with Rigzone, Mackay revealed that the farm-out data room for the company’s increased Porcupine assets would open in January next year.

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