(NewsDirect)
Europa Oil & Gas PLC chief executiveWilliam Holland joined Proactive's Stephen Gunnion after thecompany received a crucial license extension for its gas projectoffshore Ireland, showcasing confidence in the company's technicaland financial preparedness.
Hollandsaid the positive development follows extensive seismic reprocessingefforts that enhanced imaging and reduced risks associated with theproject, particularly around the Inishkea West prospect. Thereprocessing, progressing from 10 to 30 Hertz, aims to fine-tune theprospect's imaging without materially altering its significantpotential, highlighted by its proximity to existing infrastructure andits potential to provide 1.5 trillion cubic feet of recoverablegas.
The strategic importance of theInishkea West prospect lies not only in its substantial gas reservesbut also in its ability to significantly reduce Ireland's relianceon imported gas, thereby enhancing national energy security. Hollandemphasized that domestic gas from this project would have far loweremissions compared to imported LNG, aligning with environmentalgoals.
The company is poised to re-engage with potentialpartners to further develop this opportunity, emphasizing theproject's alignment with European gas market demands, its quickpath to cash flow due to nearby infrastructure, and its strongrisk-reward profile.
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