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Europa boss unphased by Kosmos exit

Hugh Mackay, chief executive of Europa Oil & Gas (LON:EOG), says he is treating Kosmos’ withdrawal from the Porcupine Basin, offshore Ireland, as an opportunity for the business.

Kosmos had been expected to carry out drilling on Europa’s FEL 2/13 and FEL 3/13 licences in the basin, but has decided to exit the venture, meaning Europa holds now 100% of the licences.

“Clearly, we’re going to have to find new partners, but as we’ve seen recently, the majors and the mid-caps are looking at this area and it’s those companies we will be looking to partner with.”

Last week, the Irish authorities closed the books on the process which received 43 applications from industry participants – that’s three times as many as the previous round in 2011 and is the most for any Irish licensing.

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