Europa Oil & Gas Plc (LON:EOG) told investors that the Irish authorities have now officially confirmed the transfer of operatorship and full ownership of Frontier Exploration Licences (FEL) 2/13 and 3/13, in the Atlantic margin.
For these exploration assets the company had previously been in a partnership with Kosmos Energy, before exiting as it reshaped its own portfolio during low oil prices.
And it comes after Ireland’s successful offshore licensing round, which has seen leading blue chip oil companies move in and take new acreage. Companies such as Exxon, Statoil, BP and China’s CNOOC (via Nexen) have been awarded new exploration interest offshore Ireland.
Europa was, meanwhile, one of few smaller independent companies to secure additional offshore acreage.
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As a result of the new awards and the transfer of the Kosmos interests the AIM quoted company now has 100% of seven licences in Ireland’s Atlantic basins.
In today’s statement Europa highlighted that, according to its most recent estimates, the seven Irish licences are seen to host some 4bn barrels of possible oil resources.
The company is currently in the process of seeking new partners, and currently has a data room open to interested parties. It highlighted that the response from target companies, majors and mid-caps has been positive to date.
Confirmation that Europa now has 100% of FEL 2/13, FEL 3/13 has removed a regulatory obstacle in the farm out process, the company added.
Hugh Mackay, Europa chief executive, described offshore Ireland as one of two exploration in the North Atlantic (the other being the Flemish Pass basin offshore Newfoundland).
“We are delighted that major oil companies have returned to Ireland’s Porcupine basin,” he said.
“We are focused on finding a suitable partner with whom we can look to prove our existing licences via the drill bit. With this in mind, I look forward to providing updates on our progress.”