Europa Oil & Gas (Holdings) plc is an AIM listed exploration and production company focused on Europe. It offers an attractive mix of very high impact exploration assets offshore Ireland and interests exploration, production and development onshore UK.
Shell had no interest in expanding Corrib or looking for more gas, says finnCap analyst Dougie Youngson, who reckons the oil major's exit is good news for Europa - which has exploration acreage neighbouring the field.
The Edgeworth and Ervine exploration prospects in the wholly owned Licence Option (LO) 16/2 are estimated at 251mln and 302mln barrels respectively - taking the tally of Europa's pre-drill Irish oil potential to 4.7bn barrels.
An investigation of the deeper prospectivity within Frontier Exploration Licence (FEL) 2/13 has uncovered four more significant exploration prospects which take the asset's potential to 1.12bn barrels - meanwhile, farm-out talks continue with potential partners.
“We are delighted to have secured a farm-in partner of the proven calibre of Cairn, and also to accelerate exploration on the licence through the acquisition of 3D seismic this summer," said Hugh Mackay, Europa chief executive.