|Licence||FEL 3/19 (Formerly LO 16/23)|
|Europa interest||100% operator (subject to approval)|
|Play||Triassic sandstone (gas)|
|Term||15 year Frontier Exploration Licence|
FEL 3/19, which lies 18km east of the producing Corrib gas field, was formerly the LO 16/23 block which DNO acquired following the acquisition of Faroe Petroleum. Europa is acquiring a 100% interest in the licence from DNO for a nominal upfront fee and the granting of a 5% Net Profits Interest over future production of gas and liquids from any accumulation on FEL 3/19 to DNO. FEL 3/19 lies close to Europa’s own FEL 4/19 which is home to the 1.5 tcf Inishkea prospect. Located near Corrib and associated gas processing infrastructure, the Company classifies FELs 3/19 and 4/19 as lower risk “infrastructure-led” exploration.
All work commitments on FEL 3/19 have been fulfilled and, subject to regulatory approval, Europa’s forward plan will be to include FEL 3/19 in a relaunch of the farmout of its strategic position in the Slyne Basin.