The Irish Minister of Energy has granted consent to Europa Oil & Gas for the transfer of interest in and operatorship of, Frontier (FEL) 2/13 and 3/13 from Kosmos Energy Ireland.
Europa now has 100% interest in, and is operator of seven licenses in the Atlantic basins offshore Ireland. As announced on 8 June 2016, Europa’s portfolio of seven offshore Ireland licenses is estimated to hold combined gross mean un-risked prospective and indicative resources of up to 4 billion boe and 1.5 Tcf of gas in various prospects in the Cretaceous fan and pre-rift plays.
For clarity, prospective resources are by definition potentially recoverable. Europa is currently running a data room to farm-out interests in FEL 2/13, FEL 3/13 and LO 16/2. The response from target companies, majors and midcaps has been positive to date and the confirmation of the transfer of interest in the two FELs removes a potential obstacle to the farm-out.
“We believe that the North Atlantic contains two of the world’s exploration ‘hotspots’. One is in the Flemish Pass basin offshore Newfoundland and the other is offshore West Ireland,” Europa CEO Hugh Mackay said. “We are delighted that major oil companies have returned to Ireland’s Porcupine basin. We are focused on finding a suitable partner with whom we can look to prove our existing licenses via the drill bit. With this in mind, I look forward to providing updates on our progress.”
Map of FEL 2/13 and 3/13, from Europa.
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