Capricorn to operate license offshore western Ireland
Europa Oil & Gas (Holdings) plc has agreed to farm-out to Capricorn Ireland Ltd. a 70% interest and operatorship of licensing option 16/19 offshore Ireland.
Europa will retain a 30% interest in the license, which is located on the western flank of the South Porcupine basin.
Under the terms of the farm-out agreement, which is subject to Irish government approval, Capricorn will fund a $6-million work program that includes the acquisition, processing, and interpretation of 3D seismic. The 3D seismic is expected to be acquired this summer and processed product will be delivered in 2018.
Capricorn Ireland Ltd. is a fully owned entity of Capricorn Energy Ltd. which is a wholly owned subsidiary of Cairn Energy PLC.