Provisional agreement in place for Irish offshore license transfer
June 11, 2020
Europa Oil & Gas has conditionally agreed to acquire DNO’s 100% interest in frontier exploration license 3/19 offshore northwest Ireland.
Offshore staff
DUBLIN, Ireland – Europa Oil & Gas has conditionally agreed to acquire DNO’s 100% interest in frontier exploration license (FEL) 3/19 offshore northwest Ireland.
The concession, 18 km (11.2 mi) east of the producing Corrib gas field in the Slyne basin, contains the 1.2-tcf Edge prospect and is close to Europa’s FEL 4/19, which includes Inishkea, potentially a larger gas structure.
DNO inherited its license following its acquisition of Faroe Petroleum. Pending Irish regulatory approvals, Europa will pay DNO a nominal upfront fee plus a 5% net profits interest over future production of gas and liquids from any accumulation on FEL 3/19.
Europa plans to use the license to help re-launch the farm-down of its position in the Slyne basin.
