StockMarketWire.com - Europa Oil & Gas (Holdings) is seeking a farm-in partner for the recently awarded Licensing Option 16/2 (LO 16/2) in the southern Porcupine Basin, offshore Ireland.

This includes three new prospects mapped on 3D seismic with gross mean unrisked prospective resources of 895 million barrels of oil equivalent (boe).

As announced on 12 February 2016, Europa was awarded a 100% interest in LO 16/2 as part of Phase 1 of the 2015 Atlantic Ireland Licensing Round.

Chief executive Hugh Mackay said: "This licence award provides four clear benefits to Europa: firstly we have grown our acreage position in a basin that is now clearly of interest to major oil companies; secondly we have diversified our portfolio by adding three new pre-rift prospects to our existing Cretaceous fan prospects; thirdly there is strong technical and commercial synergies with our on-going farm-out of FELs 2/13 and 3/13; and finally we already have 3D seismic over LO 16/2 which was acquired in 2013 as part of the carried work programme previously performed on our behalf by Kosmos Energy and, as a result, our technical work on the new licence is already very advanced.

"At this early stage in the exploration of the Porcupine Basin, we are particularly excited to have gained exposure to the pre-rift play which has proved very successful in the Flemish Pass basin offshore Newfoundland. Together with the entry of major oil companies into the basin these are exciting times for Europa.

"Clearly there is now a much better appreciation of the prospectivity of the basin by the global oil industry. However, to realise this potential we need successful exploration drilling to take place in the basin.

"Thanks to our 100% interest in FEL 2/13, FEL 3/13 and LO 16/2, which have combined gross mean un-risked prospective resources of approximately 3 billion boe, and a growing acreage position, Europa is well placed to play its part in the opening of what could be a major new hydrocarbon province. With this in mind, our focus remains on landing a farm-in partner with whom to drill exploration wells.

"At the same time we will invest further technical work to mature the three pre-rift prospects to drillable status and deliver a CPR to add to the one we already have over FEL 3/13. I am very excited by this strategic addition to our Irish acreage position and the arrival of a significant number of major oil and gas companies in the Porcupine Basin and look forward to providing further updates on our progress."


At 9:21am: [LON:EOG] Europa Oil Gas Holdings PLC share price was +0.13p at 4p



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