(Alliance News) - i3 Energy PLC on Wednesday said it has been made aware that the licence for the Tain discovery in the North Sea has recently lapsed. The announcement was also noted by its partner Europa Oil & Gas Holdings PLC.
i3 Energy is a UK and Canada-focused oil and gas company and is the operator of the Serenity oil discovery in the Outer Moray Firth area, North Sea. Europa, which holds a 25% interest in Serenity, is a UK and Ireland-focused oil and gas exploration, development, and production company.
i3 said the lapse in the licence, which was previously held by RSRUK and Rockrose Energy, means that the Tain acreage is now unlicensed and available to be re-licenced.
The company said it has been "working for some time to advance a solution for the Blake/Tain/Serenity area" but that it has been unable to make progress as the previous Tain licensees could not approve the additional investment.
It said i3 and Europa have opened discussions with the North Sea Transition Authority to "explore the remaining potential of the wider area".
i3 shares fell 0.1% to 13.62 pence each on Wednesday morning in London, while Europa shares fell 7.4% to 1.25p each.
By Harvey Dorset, Alliance News reporter
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Europa Oil & Gas (EOG)