Europa Oil & Gas (Holdings) (LSE:EOG) has said its Irish offshore licence FEL 4/19 continues to be in force under Phase 1 terms while the company awaits a decision on its application for a Phase 1 extension from Ireland’s Department of Climate, Energy and the Environment. The licence covers the Inishkea West gas prospect, which is estimated to contain around 1.5 trillion cubic feet of gas and is viewed by the company as a strategically significant, relatively low-risk development opportunity. Europa has highlighted the asset’s potential to supply lower-emission domestic gas to Ireland, benefit from nearby infrastructure that could enable a faster route to production, and reduce reliance on higher-emission imported energy sources.
From a broader perspective, Europa’s investment outlook continues to be shaped by weak recent financial performance, including pressure on revenues and profitability. These challenges are partly offset by constructive corporate developments and some supportive technical indicators, which point to possible improvement over time. While valuation metrics remain constrained by the group’s current loss-making position, management believes that progress on key assets and signs of insider confidence provide a degree of longer-term upside potential.
More about Europa Oil & Gas (Holdings) plc
Europa Oil & Gas (Holdings) plc is an AIM-quoted oil and gas exploration, development and production company with assets and interests spanning West Africa, the UK and Ireland. The group is focused on upstream opportunities, with a particular emphasis on gas projects that align with energy transition goals and the need for secure domestic energy supply.
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