Europa Oil & Gas gets new Irish acreage in Porcupine basin
Europa Oil & Gas (LON:EOG) has been awarded two new exploration licensing options over prospective acreage in the porcupine basin, off the west coast of Ireland.
These licence options each comprise two four-block parcels. In total the area covers 2,000 square kilometres. The exploration area is situated on the margins of the Porcupine Basin, in water depths between 700 and 2,000 metres.
"This is an excellent addition to the already strong portfolio of E&P projects in Europa and I look forward to developing drillable prospects in these areas," said chief executive Hugh Mackay.
Europa said that the options have modest work programmes during an initial two year period, which can be converted into a 15 year frontier exploration licence to undertake seismic and drilling operations.
The Porcupine basin, which already hosts a number of known oil discoveries, is expected to come sharply into focus over the next year or so as a group of companies led primarily by Providence Resources (LON:PVR) explore and appraise the waters around Ireland.
"I am very pleased to have secured attractive acreage for the next phase of the company's exploration effort," managing director Paul Barrett added.
"It represents a prime opportunity to develop a strong prospect inventory in an exciting Atlantic Margin play, additionally benefitting from its location in a low tax EU jurisdiction."
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