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(Alliance News) - Europa Oil & Gas Holdings PLC and Lansdowne Oil & Gas PLC on Tuesday downplayed the impact of new climate change commitments made by the Irish government.
On Monday, Irish Taoiseach Leo Varadkar said the government has been advised to end exploration for oil in Irish waters. However, he did say licences to look for natural gas would still be permitted.
Both Europa and Lansdowne, which have existing licences in Irish waters, said licences that already exist would be allowed to play out their full terms, with the new legislation to only halt future awards.
Europa is currently looking to develop the Inishkea gas prospect, and Lansdowne owns a stake in the Barryroe oil field.
Lansdowne shares were 4.2% lower on Tuesday morning at 1.15 pence each, while Europa shares fell 8.9% to 2.05p.
By George Collard; georgecollard@alliancenews.com
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