Europa awarded licensing option in Porcupine Basin

Europa Oil & Gas's Irish activities received a boost this week, with the news that it had been awarded one of a tranche of Licensing Options in the southern Porcupine Basin, offshore Ireland.

The AIM-traded oil and gas exploration firm understood it would shortly be issued with a formal letter of award from Ireland's Department of Communications, Energy and Natural Resources (DECNR), at which point Europa would confirm its acceptance.

Once all of awards were accepted, DECNR would allocate LO numbers and publish a map, Europa said.

Its board confirmed it would have a 100% interest in the LO, and following the completion of a work programme, it had the option to apply to the Irish authorities to convert the licence into a Frontier Exploration Licence (FEL).

"We are delighted with the award of this licensing option, particularly given the strength of the competing companies," said Europa CEO Hugh Mackay.

"The success of this licensing round indicates that the Porcupine is no longer under appreciated. We have made other applications that remain live and look forward to the announcement of the second phase of awards during May," he added.

Europa also indicated that authorisation was forthcoming form Irish authorities for the transfer of 100% interest in FEL 2/13 and 3/13 to Europa.

The licences were currently jointly held with Kosmos Energy Ireland. Activity on them was currently focused on finding a farm-in partner to take the licences towards the drilling of an exploration well.