Further gas exploration off the coast of the north Mayo coast, close to the Corrib field, looks likely as British exploration company Europa Oil and Gas is readying an enhanced farm-out programme aimed at bringing in a development partner to bankroll its Irish offshore gas licences.

According to today’s Irish Examiner, Europa has significantly downsized its Irish asset base.

The company is now focused on two frontier exploration licences it holds close to the Corrib gas field off the Mayo coast – one being the highly rated Inishkea prospect holding an estimated 1.5trn cubic feet of gas. 

The acquisition of the newer licence, carried out by Europa last summer, is still awaiting Government approval.

Europa chairman Brian O'Cathain told the company’s AGM that once that acquisition was signed off, “we intend to relaunch the farm-out of our Slyne Basin licences with a view to moving to the next development stage”. 

Mr O’Cathain said successful drilling activity offshore Ireland would be “a major liquidity event” for Europa.

"With existing production and processing facilities at Corrib, we view exploration in the Slyne as infrastructure-led, lower risk, and potentially lower cost in terms of development when compared to the unproven basins that we had been targeting elsewhere offshore Ireland," he said.