Europa Oil & Gas (Holdings) PLC Statement by Irish Offshore Operators' Association (5354N)
September 25 2019 - 1:00AM
UK Regulatory
TIDMEOG
RNS Number : 5354N
Europa Oil & Gas (Holdings) PLC
25 September 2019
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
Europa Oil & Gas (Holdings) plc ('Europa' or 'the
Company')
Statement by the Irish Offshore Operators' Association
Europa Oil & Gas (Holdings) plc, the oil and gas
exploration, development and production company with assets in the
UK, Morocco and Ireland notes the statement released yesterday by
the Irish Offshore Operators' Association ('IOOA'), which includes
clarification received from the Government of Ireland that existing
exploration licences will be unaffected by the announcement by An
Taoiseach Leo Varadkar on 23 September 2019. This set out the Irish
Government's intention to phase out oil exploration licences in the
future. The Government has confirmed that its proposals 'will
relate to future applications' and that 'existing licences will
remain valid'.
Europa's CEO, Hugh Mackay, said: "We welcome the clarification
provided by the Irish Government that existing offshore Ireland
licences remain valid. Europa has a large exploration position in
Ireland, which includes our flagship Inishkea gas prospect that
lies on the same play as, and is located close to, the producing
Corrib gas field. With this in mind, we look forward to continuing
to work closely both with the Irish Government and the IOOA."
The text of the IOOA's statement is reproduced in full below and
can be found at
https://www.iooa.ie/iooa-welcomes-clarification-from-government/:
IOOA Welcomes Government Clarification Meeting sought with
Minister Statement by the Irish Offshore Operators' Association
The Irish Offshore Operators' Association (IOOA) welcomes the
clarification from the Government of Ireland that existing
exploration licenses will be unaffected and the Government
announcement at the United Nations Climate Action Summit only
relates to future licenses not those granted in the 2015 Licence
Round.
The clarification is clear that the Government's proposals 'will
relate to future applications' and that 'existing licences will
remain valid'.
As part of its ongoing commitment to engage with stakeholders to
ensure energy transition and energy security for Ireland IOOA has
written to the Minister responsible for offshore exploration, Sean
Canney TD, seeking a meeting on the implications of the
announcement of 23 September 2019. IOOA, Chief Executive Officer,
Mandy Johnston added:
"The clarification that the announcement in the Taoiseach's
speech does not affect existing licences is welcome. However, it is
important that further clarity is given on how the new Government's
proposal for future licencing rounds will be implemented. With this
in mind and as a representative body investing considerably in
offshore Ireland we are seeking a meeting with Minister Canney at
the earliest possible opportunity."
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
* * ENDS * *
For further information please visit www.europaoil.com or
contact:
+ 44 (0) 20 7224
Hugh Mackay Europa 3770
+ 44 (0) 20 7224
Phil Greenhalgh Europa 3770
+ 44 (0) 20 7220
Matt Goode finnCap Ltd 0500
+ 44 (0) 20 7220
Simon Hicks finnCap Ltd 0500
+ 44 (0) 20 7220
Camille Gochez finnCap Ltd 0500
+ 44 (0) 20 7236
Frank Buhagiar St Brides Partners Ltd 1177
+ 44 (0) 20 7236
Juliet Earl St Brides Partners Ltd 1177
Notes
Europa Oil & Gas (Holdings) plc has a diversified portfolio
of multi-stage hydrocarbon assets that includes production,
exploration and development interests, in countries that are
politically stable, have transparent licensing processes, and offer
attractive terms. In 2018 Europa produced 94 boepd. Its highly
prospective exploration projects include the Wressle development in
the UK (targeting production start-up in 2020 at 500 bopd gross)
and six licences offshore Ireland with the potential to host gross
mean un-risked prospective resources of 6.4 billion barrels oil
equivalent and 1.5 tcf gas across all six licences. The Company's
flagship project offshore Ireland is the Inishkea prospect - a near
field gas exploration project with 1.5 trillion cubic feet ('TCF')
gross mean un-risked prospective gas resources.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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