Europa buys Ireland licences

Europa Oil & Gas yesterday announced a deal with Kosmos Energy to acquire two licences in offshore Ireland. Drilling two wells is expected to cost $200m. “The work programme has the potential to deliver significant value realisation,” said Europa CEO Hugh Mackay. “Europa’s retained 15 per cent interest exposes the company to substantial upside in the event of drilling success at either or both of these prospects at a much reduced risk and cost to our shareholders.”