(Alliance News) - Europa Oil & Gas PLC welcomed on Wednesday confirmation the Irish government will not cancel existing oil exploration permits in Irish waters.
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.
Europa had sought clarification on this, and confirmed on Wednesday the government will not be making any changes to existing oil exploration licences.
Chief Executive Hugh Mackay said: "We welcome the clarification provided by the Irish government that existing offshore Ireland licences remain valid. Europa has a large exploration position in Ireland, which includes our flagship Inishkea gas prospect that lies on the same play as, and is located close to, the producing Corrib gas field.
"With this in mind, we look forward to continuing to work closely both with the Irish government and the Irish Offshore Operators' Association."
Europa shares were flat on Wednesday afternoon in London at a price of 2.00 pence each.
By George Collard; georgecollard@alliancenews.com
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Europa Oil & Gas (EOG)