Europa Oil & Gas (Holdings) PLC Irish Offshore Operators' Association Statement (6748E)
05 Juillet 2019 - 1:57PM
UK Regulatory
TIDMEOG
RNS Number : 6748E
Europa Oil & Gas (Holdings) PLC
05 July 2019
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
Europa Oil & Gas (Holdings) plc ('Europa' or 'the
Company')
Irish Offshore Operators' Association Statement
Europa Oil & Gas (Holdings) plc, the UK and Ireland focused
oil and gas exploration, development and production company, notes
the statement made by the Irish Offshore Operators' Association
('IOOA') today regarding the decision by the Government of Ireland
not to proceed with the Climate Emergency Bill. Europa holds a
leading position in offshore Ireland comprising six licences which
have the potential to host gross mean un-risked prospective
resources of 6.4 billion barrels oil equivalent and 1.5 tcf
gas.
The full IOOA statement is reproduced below and can be found
using the following link:
https://www.iooa.ie/government-takes-important-step-to-ensure-energy-security/.
'The Government of Ireland has taken an important step to ensure
energy security, protect the environment, and create jobs, by
allowing gas and oil exploration to continue, according to the
Irish Offshore Operators' Association (IOOA).
The representative organisation for the Irish offshore oil and
gas industry says the decision not to proceed with the Climate
Emergency Bill has paved the way for finds similar to the Kinsale
and Corrib gas fields which currently supply 60% of gas to Irish
homes and businesses.
Welcoming the decision, Mandy Johnston CEO of the IOOA added
"Government has recognised that using our own natural resources is
not only good for energy security but also good for the environment
and jobs. The facts speak for themselves: Russian Gas imported to
Ireland creates 34-38% more greenhouse gas emissions than using
Irish gas, while Liquified Natural Gas (LNG) imported from Qatar
creates 22-30% more.
"There is no realistic scenario under which gas and oil will not
be required to contribute a major part of Ireland's energy supply
in the short to medium term.
"Brexit, and political instability in the Middle East and
Russia, together with the lack of established gas interconnection
with mainland Europe, leave us extremely vulnerable to massive
major gas and energy disruptions. Other countries have recognised
this challenge. Only a handful have banned offshore exploration.
The only European country that has done so is France, and it has a
stable nuclear infrastructure powering over 50% of its needs.
Conversely, Norway is generally cited as one of the more
progressive low carbon economies in the world and is today the
largest producer of oil and gas in North West Europe.
"The Irish Offshore Operators' Association is fully committed to
continuing to work with communities, policymakers and others to
identify and implement policies which are based on science,
evidence and facts. We must work together to create progressive
policies which can make a meaningful and positive impact, without
undermining the prosperity of Ireland for our future
generations."'
* * ENDS * *
For further information please visit www.europaoil.com or
contact:
+ 44 (0) 20 7224
Hugh Mackay Europa 3770
+ 44 (0) 20 7224
Phil Greenhalgh Europa 3770
+ 44 (0) 20 7220
Matt Goode finnCap Ltd 0500
+ 44 (0) 20 7220
Simon Hicks finnCap Ltd 0500
+ 44 (0) 20 7220
Camille Gochez finnCap Ltd 0500
+ 44 (0) 20 7236
Frank Buhagiar St Brides Partners Ltd 1177
+ 44 (0) 20 7236
Susie Geliher St Brides Partners Ltd 1177
Notes
Europa Oil & Gas (Holdings) plc has a diversified portfolio
of multi-stage hydrocarbon assets that includes production,
exploration and development interests, in countries that are
politically stable, have transparent licensing processes, and offer
attractive terms. In 2018 Europa produced 94 boepd. Its highly
prospective exploration projects include the Wressle development in
the UK (targeting production start-up in 2020 at 500 bopd gross)
and six licences offshore Ireland with the potential to host gross
mean un-risked prospective resources of 6.4 billion barrels oil
equivalent and 1.5 tcf gas across all six licences.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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