Proactive Investors - Europa Oil & Gas Holdings (LON:EOG) has been granted an extension to the licence of its gas project, offshore Ireland, allowing partnering efforts to continue.
The Irish authorities have agreed to extend the FEL 4/19 licence until at least until 31 January 2026.
FEL 4/19 contains the significant Inishkea West gas prospect, which is described as a low-risk asset with a potential to provide low-emission energy to support Ireland’s transition towards cleaner and renewable energy.
"I am delighted that our application has been granted and that we can continue with further technical studies of the licence and seeking a project partner,” chief executive Will Holland said in a statement.
“FEL 4/19 contains the large 1.5 TCF, low risk Inishkea West gas prospect which 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.”
Holland added: “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.
“Domestic gas from Inishkea West would have significantly lower carbon emissions than imported gas from the UK, Norway or further afield.”
“We look forward to working constructively with DECC as we seek to progress FEL 4/19 to drilling, and to attract additional partners to this prospective licence."