LONDON (ShareCast) - (Sharecast News) - UK, Morocco and Ireland-focussed oil and gas exploration, development and production company Europa Oil & Gas Holdings responded to an announcement at the UN Climate Action Summit by Ireland's Taoiseach Leo Varadkar, which stated his government's intention to phase out oil exploration licences in the future.
The AIM-traded firm said it understood that the phasing out of oil exploration only related to future oil licences, and not future gas licences.

Additionally, it said its initial understanding was that all of the options, licences and leases already in place would be allowed to progress for their full duration.

Europa has a large exploration position in Ireland, including its flagship Inishkea gas prospect which is located close to the Corrib gas field in the Slyne Basin.

The company said it would be seeking clarification of the situation through the offices of the Irish Offshore Operators' Association (IOOA), which is the representative organisation for the Irish offshore oil and gas industry.

Its members are companies licensed by the government to explore for and produce oil and gas in Irish waters.

"IOOA look forward to seeing the full detail of the proposals to be outlined in the Taoiseach's speech at the Climate Action Summit this evening," the IOOA said in a statement on Monday night.

"In particular we look forward to receiving the exact detail of the proposed implementation of today's announcement regarding future exploration in Ireland.

"Our members remain committed to Ireland's efforts to transition to renewable energy, however energy security for Ireland is an important part of that process and we will seek a meeting with [the] government in relation to the matter in the coming weeks."

Europa said it was working closely with its colleagues at IOOA on this important matter and the company will provide further updates in due course.

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