StockMarketWire.com - Europa Oil & Gas said the Irish Government had approved the company’s application for a 12-month extension to the first phase of frontier exploration Licence 2/13 to 4 July 2020.

The next steps for the licence included the integration of recently purchased crean 3D seismic data with particular focus on mapping the extension of Kiely East into open acreage to the south of the Licence, the company said. A site survey application for a drilling location on Kiely East was in process.

FEL 2/13 was one of six offshore Ireland licences held by Europa which potentially held gross mean un-risked prospective resources of 6.4bn barrels oil equivalent and 1.5 tcf gas.

Europa had a 100% interest in FEL 2/13, which was located on the west flank of the South Porcupine basin and included the Kiely prospects and the Doyle Cretaceous channel complex, the company said.

'Today’s extension enables us to press on with preparations to drill an exploration well to test the 280 million barrel Kiely East prospect on FEL 2/13,' the company said. 'Kiely East is just one of a number of priority targets we have identified across our portfolio of six offshore Ireland licences which, subject to securing farm-out partners and relevant regulatory permissions, we are looking to drill at the earliest opportunity,' it added.

At 10:16am: [LON:EOG] Europa Oil Gas Holdings PLC share price was 0p at 2.7p



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