Irish Explorer Europa Oil & Gas Links With Kosmos Energy

Irish-based hydrocarbon explorer Europa Oil & Gas has announced a partnership with Kosmos Energy of Bermuda in its interests in the Porcupine Basin, south-west of Ireland.

The two parties will join to proceed with seismic tests and exploratory drilling in assessing reserves in the potentially lucrative licence.

In a statement, Europa announced a farm-out agreement with a Kosmos subsidiary. Under its terms, Kosmos will acquire an 85% interest and be appointed as operator of both Europa's licences in the area. It will also pay 85% of costs incurred by Europa to date.

Chief executive of Europa, Hugh McKay, said the deal was part of  "an exciting new chapter in the exploration of Ireland". In the statement, he commented: "We look forward to working with Kosmos and their involvement is a highly significant first step towards realising the potential value of our exciting prospects in a new hydrocarbon play located in an essentially undrilled basin offshore Ireland."