Europa Oil & Gas Holdings PLC (LON:EOG) has been awarded four new licence options in the Atlantic waters off the coast of Ireland.
The latest round is phase-two of a process that began last year. Europa landed one option in that first pass.
Chief executive Hugh Mackay said he was “delighted” to have bagged four this time around.
Once all the offers are accepted Ireland’s Department of Communications, Energy and Natural Resources will publish a map revealing the names of the successful companies and the areas they’ve been awarded.
The options cover the Porcupine Basin, the Padraig Basin and the Slyne Trough.
The interest in phases-one and two of the latest round read like a Who’s Who of the oil industry with companies such as Exxon, BP and Eni in the mix.
“Subject to formal award, we will have a diversified portfolio of seven high impact exploration licences across three basins in offshore Ireland and representing a range of geological risk, hydrocarbon plays and exploration maturity,” said Europa CEO Mackay.
“We look forward to providing technical information to the market once our offers have been formally accepted.
“Europa has a leading position in the Atlantic basins of Ireland; a region that has now emerged as a global exploration hotspot with major and mid-cap oil companies taking substantial acreage positions and associated work programmes.
“Europa was one of the pioneer companies who have played a role in reactivating industry interest in Atlantic Ireland and we feel that the entry of majors and super-majors is providing validation of our belief in Ireland’s exploration potential.
“This is a hugely exciting moment for Europa and for the rest of the industry and we hope that exploration momentum continues to build and that at some point in the not too distant future the exploration potential is realised with a significant discovery.”
Separately, Europa said it understands the formal documentation has been prepared by the Irish authorities for the transfer of Kosmos Energy’s interest in two licences – FEL 2/13 and 3/13.
According to a report by an independent consultant the oil bounty could be internationally significant.
“Activity on these licences is focused on finding a farm-in partner with whom to take the licences into the next exploration phase and drill an exploration well,” said Europa.
“The target market is major and mid-cap oil companies and the farm-out data room opened on 11 January 2016.
“Europa is pleased with the response from target companies and considers both the phase one and phase two awards to be a positive development for the farm-out.”