Europa Oil & Gas
(Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil &
Gas
22 April 2024
Europa Oil & Gas
(Holdings) plc
("Europa" or the
"Company")
Updated Irish Licence
Emissions Report
Europa Oil & Gas (Holdings) plc,
the AIM quoted UK, Ireland and West Africa focused oil and gas
exploration, development and production company, announces that it
has published on the Company's website a third-party report (the
"Report") that details the results of an updated study which
calculated the expected emissions associated with the development
of a future 1 TCF indigenous gas discovery on Europa's Irish
offshore licence FEL 4/19 (the "Licence").
The Report was independently
researched and compiled by sustain:able
(https://www.esgable.com/), an ISO certified emissions advisory
company that specialises in forecasting greenhouse gas emissions
associated with the upstream oil and gas industry, and is an update
to the prior sustain:able
report published by the Company on 7 March 2023. The Report was
commissioned following the recently redefined 1.5 TCF Inishkea West
prospect by Europa, which was a result of a remapping exercise of
the prospects on the Licence following the reprocessing of the
existing seismic data, and the 2022 emissions data recently
published by the UK government.
The key findings of the study listed
in the Report are as follows:
· the
average operational life-of-field emissions intensity for the
Corrib gas field is 5.3 kgCO2e/boe[1];
· the
average operational life-of-field emissions intensity for
indigenous gas on the Licence is forecast to be 2.8
kgCO2e/boe;
· the
weighted average carbon intensity of imported gas into Ireland from
the UK during 2022 is estimated to be 36
kgCO2/boe[2] (estimated to be
over 12 times more CO2 than indigenous gas from the
Licence);
·
LNG[3] accounted for 26.7% of UK
imported gas during 2022 with a weighted average carbon intensity
of 78 kgCO2/boe (over 27 times more CO2 than
Irish indigenous gas from the Licence), and,
· the
projected production from Inishkea West has the potential to almost
eliminate the need for gas imports from the UK in 2030 through to
the end of 2032 (based on SEAI[4] demand
predictions) and therefore to dramatically reduce associated
emissions.
The very low emissions associated
with the development of a gas discovery at Inishkea West detailed
in the report are primarily due to the following
factors:
· the
close proximity of Inishkea West to the existing Corrib field
(Corrib is adjacent to the Licence and Inishkea West is only c.18km
from the Corrib infrastructure);
· gas
would be produced through the existing subsea pipeline and
facilities located at the Bellanaboy Gas Terminal;
· the
quality of the gas and the low levels of impurities associated with
the gas;
· the
quality of the reservoir anticipated and the forecast initial
production rates from Inishkea West wells;
· the
anticipated size of the gas resource; and
· the
forecast production profiles associated with a gas discovery on the
Licence.
Will Holland, Chief Executive Officer of Europa,
said:
"This updated emissions report reinforces the importance of
the gas resource at Inishkea West, which has the potential to not
only eradicate the need for higher emissions intensity gas imports
from the UK for up to 3 years, but also a discovery would help
Ireland meet its carbon emission reduction targets. A discovery at
Inishkea West could provide security of gas supply for Ireland
during the transition to renewable energy, which is in line with
the EU's stated goals for diversity of gas
supply.
FEL 4/19 contains the large 1.5 TCF low risk Inishkea West gas
prospect where, given the proximity to existing infrastructure, a
discovery could be brought online quickly providing domestic gas
with, as this report demonstrates, significantly lower emissions
intensity than imported gas from the UK, Norway or further
afield.
We
are now in the process of progressing FEL 4/19 to drilling, which
requires us to attract additional partners to this highly
prospective licence."
* * ENDS
* *
For further information, please
visit www.europaoil.com or
contact:
William Holland
|
Europa Oil & Gas (Holdings)
plc
|
mail@europaoil.com
|
James Dance / James Spinney / Rob
Patrick
|
Strand Hanson Limited - Nominated
& Financial Adviser
|
+44 (0) 20 7409 3494
|
Peter Krens
|
Tennyson Securities
|
+44 (0) 20 7186 9033
|
Patrick d'Ancona / Finlay Thomson /
Kendall Hill
|
Vigo Consulting
|
+44 (0) 20 7390 0230
|
Notes to Editors
Europa Oil & Gas (Holdings) plc
has a diversified portfolio of multi-stage hydrocarbon assets which
includes production, development and exploration interests, in
countries that are politically stable, have transparent licensing
processes, and offer attractive terms. On 21 December 2023 the
Company acquired 42.9% interest in Antler Global, which holds an
80% interest in the EG-08 PSC offshore Equatorial Guinea. EG-08
contains an estimated gross mean un-risked 1.4 trillion cubic feet
("TCF") gas prospective resources that can be tested with a single
well with a 92% chance of success. EG-08 is adjacent to the Chevron
licence that contains the Alen gas field which is connected via
pipeline to the Bioko Island LNG plant. Europa took over
operatorship of PEDL343 ("Cloughton") on 27 July 2023 in which
Europa holds a 40% interest and contains an estimated 192 billion
cubic feet ("BCF") of gas in place. Europa
holds a 25% interest in P.2358, Block 13/23c ("Serenity") in the
Outer Moray Firth area of the North Sea, which contains the 2019
Serenity oil discovery. The Company holds one
exploration licence offshore Ireland, which has two principal
prospects, the largest of which has the potential to host gross
mean un-risked prospective resources of 1.5 TCF gas. Inishkea West
is a near field gas prospect in the Slyne Basin which the Company
classifies as lower risk due to its close proximity to the
producing Corrib gas field and associated gas processing
infrastructure.