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Europa chief focused on finding new partner for offshore Ireland assets

Hugh Mackay, chief executive of Europa Oil & Gas (LON:EOG), says the firm's prospects in FEL 3/13, offshore Ireland, are drill ready and the focus for the AIM junior is on securing a partner to share costs.

It comes after an independent assessment by ERC Equipoise estimated the value potentially attributable for Europa on the 3/13 asset amounts to US$7bn.

Last month Kosmos Energy decided to exit the exploration venture in which it was previously expected to spend up to US$200mln on drilling in return for an 85% stake.

Europa currently retains the entirety of the asset and, as Mackay explains, is now seeking new partners.

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