Kosmos Energy assets reassigned

Two exploration firms have formally been granted full ownership status by the Department of Natural Resources of Irish assets they previously co-owned with US explorer Kosmos Energy, which pulled out of Ireland in order to focus on its African assets last year.

Canadian firm Antrim Energy has regained Kosmos’ 75% stake in frontier exploration licence 1/13 in the Porcupine Basin off the Kerry coast.

The company has an overall 15-year exploration term on the asset, but has applied for an extension to the first term which is due to expire next month. It will seek a farm-out partner to help with additonal technical work and hopes to commit to drilling a well after the end of the to-be-confirmed new three-year first exploration term.

UK explorer Europa Oil and Gas has formally taken 100% ownership of the two licences in the southern Porcupine Basin that it previously co-owned with Kosmos.

Kosmos had held 85% of the two licences. Europa regaining total ownership could hasten its efforts to find fresh development partners for the assets.

Europa has already said it hopes to find a farm-out partner. Last week, the London-headquartered company put a 4bn barrels of oil equivalent and 1.5trn cubic feet of gas estimate on its Irish assets.

Following the award of licences from the Government’s recent Atlantic Margin Licensing Round, Europa now holds seven licences in Irish waters.

“We are focused on finding a suitable partner with whom we can look to prove our existing licenses via the drill bit,” said Europa’s chief executive Hugh Mackay.