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(Alliance News) - Predator Oil & Gas Holdings PLC on Monday noted a statement from the Irish Offshore Operators' Association on the Irish government's decision to abandon the Climate Emergency Bill, made on Friday.
The bill, intended to limit new licences for fossil fuel extraction in Ireland, did not receive approval for public funding from the Irish government and, as a result, was abandoned - which was welcome news for the industry lobby.
"We are encouraged by the pragmatic approach being adopted with respect to the importance of developing indigenous gas offshore Ireland," said Predator Chief Executive Paul Griffiths.
Last week, IOOA Chief Executive Mandy Johnson said: "There is no realistic scenario under which gas and oil will not be required to contribute a major part of Ireland's energy supply in the short to medium term."
Due to this political development, Predator said its Ram Head gas discovery in the Celtic Sea "become of even greater significance". The company said: "Unlike the majority of new gas opportunities around Ireland the Ram Head gas has already been discovered and is now a strategic fit with stated energy policy."
Predator believes the decision not to go ahead with the Climate Emergency Bill "may be the catalyst" for investment decisions regarding the development of proven gas in the Celtic Sea.
Griffiths added: "Ram Head contains two gas discoveries and lies in an area of the Celtic Sea that has a long tradition of gas production and was the catalyst for the development of the gas industry in Ireland. The Ram Head prize is potentially large enough to attract interest from substantive parties. Conditions are right in Ireland now to re-approach some parties."
Predator has previously reported mid and best estimates of prospective gas resources net to the company of 508 billion to 1.37 trillion cubic feet of gas.
Shares in Predator Oil & Gas were down 0.1% in London on Monday at 5.24 pence each.