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Europa Oil & Gas offers catalysts and potential on multiple fronts

Last updated: 08:18 14 Feb 2024 GMT, First published: 12:20 29 Apr 2020 BST

Snapshot

  • Europa Oil & Gas extends licence for UK gas field project
  • Europa still attractive without Irish gas licence says FinnCap
  • Europa Oil & Gas says Inishkea West gas prospect presents lucrative development opportunity
oil rig

About the company

Europa Oil & Gas (Holdings) PLC is an exploration and production company focused on developing its balanced portfolio of assets in the North Sea and Atlantic Ireland, supported by revenue from onshore oil production in the UK.

How it is doing

14 Feb 2024

Europa Oil & Gas (Holdings) PLC (AIM:EOG) told investors it has secured an extension to licence PEDL 343, in the East Midlands, covering the Cloughton gas project.

The licence extension takes out the deadline for the initial exploration term to July 2026, and the end of the second exploration period to July 2028.

During this time the company aims to obtain the necessary permits and consents needed to drill an appraisal well, in order to demonstrate the productivity of the potential gas field.

"We are delighted that the NSTA (North Sea Transition Authority) has granted a two-year extension to PEDL 343 as it allows us to continue to progress the material Cloughton gas discovery towards commercialisation,” chief executive Will Holland said in a statement.

10 Feb 2024

Europa Oil & Gas (Holdings) PLC (AIM:EOG) chief executive officer William Holland sat down with Proactive's Stephen Gunnion to discuss the energy group's significant milestones for the offshore gas project in Ireland.

Holland discusses the licence extension for the Inishkea West prospect, detailing the advancements in seismic reprocessing and their implications for risk reduction and project potential.

29 Jan 2024

Europa Oil & Gas (Holdings) PLC (AIM:EOG) has been granted an extension to the licence of its gas project offshore Ireland, allowing partnering efforts to continue.

The Irish Department of the Environment, Climate and Communications (DECC) has agreed to extend the FEL 4/19 licence until at least until 31 January 2026.

What the brokers say

02 Mar 2022

FinnCap Group PLC provided some succour for investors in Europa Oil & Gas Holdings PLC after Norwegian giant DNO ASA opted not to sell Europa a promising Irish gas exploration licence.

The broker was quick to restate and flag up risked-net asset value (NAV) and a price target of 6.7p.

That’s more than double the current share price.

What management says

05 Feb 2024

Europa Oil & Gas (Holdings) PLC (AIM:EOG) chief executive William Holland joined Proactive's Stephen Gunnion after the company received a crucial license extension for its gas project offshore Ireland, showcasing confidence in the company's technical and financial preparedness.

Holland said the positive development follows extensive seismic reprocessing efforts that enhanced imaging and reduced risks associated with the project, particularly around the Inishkea West prospect. The reprocessing, progressing from 10 to 30 Hertz, aims to fine-tune the prospect's imaging without materially altering its significant potential, highlighted by its proximity to existing infrastructure and its potential to provide 1.5 trillion cubic feet of recoverable gas.

The strategic importance of the Inishkea West prospect lies not only in its substantial gas reserves but also in its ability to significantly reduce Ireland's reliance on imported gas, thereby enhancing national energy security. Holland emphasized that domestic gas from this project would have far lower emissions compared to imported LNG, aligning with environmental goals.

Europa Oil & Gas says Inishkea West gas prospect presents lucrative...

Europa Oil & Gas (Holdings) PLC (AIM:EOG) chief executive William Holland joined Proactive's Stephen Gunnion after the company received a crucial license extension for its gas project offshore Ireland, showcasing confidence in the company's technical and financial preparedness. Holland...

on 5/2/24