Europa Oil gets extension to its licence at Inishkea prospect

3rd Nov 2022 12:02

(Sharecast News) - UK, Ireland and Morocco-focussed energy explorer, developer and producer Europa Oil has been given an extension to its Inishkea prospect, it announced on Thursday.

The AIM-traded company said it had been notified by the Department of the Environment, Climate and Communications in the Republic of Ireland that the minister had given his consent to extend the first phase of FEL 4/19 to 31 January 2024.

It said it intended to use the extension to carry out further technical studies, and to allow more time to secure a partner to advance development of the licence.

"I am delighted that our application has been granted and that we can continue with further technical studies of the licence and seeking a project partner," said chief executive officer Simon Oddie.

"FEL 4/19 contains the large, low risk, Inishkea gas prospect and is a strategic asset that can potentially provide a reliable source of low emission energy for Ireland."

Oddie said gas from the Corrib field, adjacent to Inishkea, was "one of the lowest" carbon-intensity gases in Europe - "much lower" than pipeline gas from Norway, the UK or the Russian gas piped to Europe.

"Ireland will continue to require gas into the foreseeable future, having recently agreed plans to build new gas-powered electricity plants.

"Inishkea, if successful on drilling, could provide a highly secure source of indigenous gas for Ireland, and play a key role in the transition to renewable green power."

At 1218 GMT, shares in Europa Oil & Gas Holdings were up 4.24% at 1.28p.

Reporting by Josh White for Sharecast.com.