Europa Oil & Gas (Holdings) plc /
Index: AIM / Epic: EOG / Sector: Oil & Gas
24 September 2019
Europa Oil &
Gas (Holdings) plc (‘Europa’ or ‘the Company’)
Irish UN Climate
Action Speech
Europa Oil & Gas (Holdings) plc, the oil and gas
exploration, development and production company with assets in UK,
Morocco and Ireland notes yesterday evening’s announcement
at the UN Climate Action Summit by An Taoiseach Leo Varadkar, which stated the Irish
Government’s intention to phase out oil exploration licences in the
future.
The Company understands that the phasing out of oil exploration
only relates to future oil licences and not future gas
licences. Furthermore, it is the Company’s initial
understanding that all of the options, licences and leases already
in place will be allowed to progress for their full duration.
Europa has a large exploration position in Ireland, including its flagship Inishkea gas
prospect which is located close to the Corrib gas field in the
Slyne Basin.
The Company will be seeking clarification of the situation
through the offices of the Irish Offshore Operators’ Association
(‘IOOA’). IOOA is the representative organisation for the Irish
offshore oil and gas industry. Its members are companies
licensed by Government to explore for and produce oil and gas in
Irish waters.
The IOOA spokesperson/CEO made the following statement on the
IOOA website:
“IOOA look forward to seeing the full detail of
the proposals to be outlined in the Taoiseach’s speech at
the Climate Action Summit this evening. In particular we
look forward to receiving the exact detail of the proposed
implementation of today’s announcement regarding future
exploration in Ireland. Our
members remain committed to Ireland's efforts to transition to
renewable energy, however energy security for Ireland is an important part of that
process and we will seek a meeting with Government in relation
to the matter in the coming weeks.”
https://www.iooa.ie/iooa-response-to-remarks-by-an-taoiseach-nyc-23rd-sept/
Europa is working closely with its colleagues at IOOA on this
important matter and the Company will provide further updates in
due course.
Qualified Person Review
This release has been reviewed by Hugh
Mackay, Chief Executive of Europa, who is a petroleum
geologist with over 30 years' experience in petroleum exploration
and a member of the Petroleum Exploration Society of Great Britain, American Association of
Petroleum Geologists and Fellow of the Geological Society. Mr
Mackay has consented to the inclusion of the technical information
in this release in the form and context in which it appears.
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:
Hugh Mackay |
Europa |
+ 44 (0) 20 7224 3770 |
Phil Greenhalgh |
Europa |
+ 44 (0) 20 7224 3770 |
Matt Goode |
finnCap Ltd |
+ 44 (0) 20 7220 0500 |
Simon Hicks |
finnCap Ltd |
+ 44 (0) 20 7220 0500 |
Camille Gochez |
finnCap Ltd |
+ 44 (0) 20 7220 0500 |
Frank Buhagiar |
St Brides Partners Ltd |
+ 44 (0) 20 7236 1177 |
Juliet Earl |
St Brides Partners Ltd |
+ 44 (0) 20 7236 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.