Europa Oil & Gas Provides Update on Irish Licence FEL 4/19

Source: 7/29/2022, Location: Europe

Europa Oil & Gas, the AIM traded UK, Ireland and Morocco focused oil and gas exploration, development, and production company, has announced that the Irish government Department of the Environment, Climate and Communications ('DECC') has advised the Company that its FEL 4/19 licence will remain live until the DECC notifies the Company otherwise.

On 7 August 2019, Europa announced the award of FEL 4/19, the terms of which are standard and include:

- Validity for 15 years, commencing on 1 August 2019; and

- Division into four phases, the first of which ends on 31 July 2022.

The Company has completed all work commitments for the first phase of the licence and in March 2022 applied to DECC for an extension to the first phase in order to carry out further technical studies and allow more time to secure a farm out of the licence. The licence extension application remains under review, and whilst there can be no guarantee the extension will be granted, the DECC has confirmed that the licence will remain live, pending a decision on the application, regardless of how long it takes for DECC to make the decision.

Simon Oddie, Europa's CEO, said:

'FEL 4/19 contains the large, low risk, Inishkea gas prospect and is a strategic asset that can potentially provide a reliable source of low emission energy for Ireland and play a key role in the transition to renewable green power. Gas from the Corrib field, adjacent to the Inishkea prospect, is one of the lowest carbon-intensity gases in Europe, much lower than long distance pipeline gas from Norway, the UK or the Russian gas piped to Europe.

Given that Ireland will continue to require gas into the foreseeable future, having recently agreed plans to build new gas-powered electricity plants, it makes sense to keep this potentially valuable source of indigenous gas available. We therefore hope that the requested licence extension will be granted as soon as possible, which will allow the Company to carry out further technical studies and seek a project partner.'

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