Europa Oil & Gas (Holdings) Plc (LON:EOG) chief executive Hugh Mackay has highlighted that securing an exploration partner offshore Ireland is a short-term priority.
The company, which has already developed high impact drill targets, now has a significant portfolio of exploration acreage in Ireland’s increasingly high profile Atlantic Margin and it highlights that the Irish government has now provided new detail regarding recent licence awards.
A new licence map released by the Irish authorities reveals the locations and operators of the new licences.
Significantly, it highlights the number of new licences now operated by major oil and gas companies including names such as ExxonMobil, StatOil, China’s Nexen, ENI, and Woodside Energy.
The entry of majors and ‘supermajors’ into the area sends a clear signal that Ireland’s Atlantic Margin is now seen as an exploration hotspot, Mackay highlighted.
“Our priority in the short term is to secure a farm-in partner for our South Porcupine licences with whom we can drill one or more of the drill-ready prospects we have already identified using our state of the art 3D seismic.
“Publication of this map is therefore important as it provides potential farminees with clarity on the licence holding situation.
“Many of our neighbours are strong companies who have already undertaken, or will be undertaking, significant exploration programmes including 3D seismic and exploration drilling which will enhance technical and commercial appreciation of the basin and Europa’s licences.”
Mackay describes Ireland as having an enviable position, given current oil prices and the low levels of exploration activity elsewhere in the world.
“Europa has a leading position in offshore west Ireland with seven high impact licences containing a combined 4 billion boe and 1.5 TCF of gross mean un-risked indicative and prospective resources,” he added.
“I look forward to providing the market with updates regarding our farm-out process in due course.”