Europa Boosts Stake in Porcupine Licenses Following Kosmos Exit

Europa Oil & Gas announced Tuesday that it intends to assume a 100 percent interest in, and operatorship of, licenses FEL 2/13 and FEL 3/13 in the Porcupine Basin, offshore Ireland, following Kosmos Energy Ireland’s withdrawal from the Joint Operating Agreements (JOA) for both licenses.

FEL 2/13 and FEL 3/13 have the potential to hold gross mean un-risked prospective resources of approximately 1.7 billion barrels of oil equivalent, according to Europa, and the company’s board is confident there will be interest in partnering with Europa in both licenses. The change of ownership is subject to an application being made to the Irish Authorities and approval being granted. Kosmos will remain operator during the period of its withdrawal from the contract and JOA.

Commenting on the latest development Europa’s CEO, Hugh Mackay, said in a company statement:

“We have an up to date and detailed understanding of the prospectivity of both licenses and have no hesitation in stepping up to assume operatorship of FEL 2/13 and 3/13…Whilst we are disappointed that Kosmos has elected to withdraw from Ireland we appreciate the necessity for portfolio rationalisation in the current business environment and their decision brings opportunity to Europa.”