FEL 4/19 - Status of Licence
Europa Oil & Gas has received confirmation from the Irish Government that its FEL 4/19 licence remains live and in Phase 1 while its extension application is under consideration, a crucial development for the company's strategic asset containing the 1.5 TCF Inishkea West gas prospect. This prospect is highlighted as a low-risk, potentially significant source of low-emission energy for Ireland, with proximity to existing infrastructure allowing for rapid development and a reduction in reliance on higher-emission imported gas.
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Europa Oil & Gas (Holdings) plc, the AIM quoted West Africa, UK, and Ireland and focused oil and gas exploration, development and production company, is pleased to announce that it has received confirmation from the Irish Government's Department of Climate, Energy and the Environment that, whilst the FEL 4/19 licence Phase 1 extension application is under consideration, it remains live and in Phase 1 until the application process is concluded.
Will Holland, Chief Executive Officer of Europa, said:
"FEL 4/19 contains the large 1.5 TCF, low risk Inishkea West gas prospect and is a strategic asset that can potentially provide a reliable source of low emission energy for Ireland and play a key role in the transition to renewable green power. Given the proximity to existing infrastructure, a discovery at Inishkea West could be brought online quickly and would reduce Ireland's reliance on imported gas, which carries significantly higher emissions than gas from Inishkea West would."
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Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.