Recent research from Morgan Stanley suggested an all-time low for exploration-related M&A activity in the first quarter of 2015. 

Canadian exploration firm, Antrim Energy — which has sizeable interests off the Irish coast — has reported a significant slashing of losses and has said it is on the look-out for additional prospects.

US explorer Kosmos Energy is set to attract fresh investment to its two Irish-based licences, via a farm-out process, later this year. 

UK exploration firm, Europa Oil and Gas has confirmed it will seek to increase its Irish acreage by bidding for more prospects in this year’s Atlantic Margin licensing round.

Here’s a run down of today’s business headlines.

A decision is due before the end of June on whether highly anticipated drilling activity on Irish exploration assets jointly held by US company Kosmos Energy and UK player Europa Oil and Gas will begin in the next year.

Antrim Energy — the Canadian exploration firm, with sizeable interests off the Irish coast— has turned down a takeover approach from UK company, Sound Oil.

Tullow Oil, a multinational explorer with partners including Anadarko Petroleum Corporation will invest $2.2bn (€1.7bn) next year to drill wells in Ghana’s Jubilee and Tweneboa-Enyenra- Ntomme oil fields.

British exploration firm Europa Oil and Gas is to focus on adding prospects in Irish waters as part of its expansion, its management stated yesterday.

British exploration firm, Europa Oil and Gas has said it definitely intends to participate in the Government’s 2015 Atlantic Margin licensing round and hopes to begin drilling at its existing assets, off the west coast, during 2016.

Fastnet Oil & Gas has said that although results were disappointing, the direct net exploration costs incurred by the company, from recent maiden drilling work at its interests offshore Morocco were less than $2.75m.

Shares in Irish explorer Fastnet Oil & Gas tumbled by 50% yesterday on the back of its maiden drilling round finding no commercial hydrocarbons.

Drilling at the highly anticipated Moroccan offshore licence, in which Dublin-based explorer, Fastnet Oil & Gas holds a significant stake, is expected to begin next month.

British-based exploration firm Europa Oil and Gas — which has interests off the west coast of Ireland — expects to meet annual production targets this year, despite suffering a 4.5% year-on-year drop in first-half revenues and a near 4% decline in production.

Japanese investors are reportedly lining up to buy part of Tullow Oil’s stake in the high potential $5bn-valued TEN oil project, located off the coast of Ghana.

Tullow Oil is to issue a further $500m (€362m) worth of senior debt, with a six-year maturity life, with interest payable on a biannual basis.

British exploration firm, Europa Oil & Gas, which has two potentially huge prospects in Irish waters, has reported a pre-tax profit of £407,000 (€480,000) for the 12 months to the end of July.

Texan exploration company Kosmos Energy has commenced 3D seismic surveys on the two prospects off the Co Kerry coast in which it bought controlling stakes earlier this year.

Oil exploration drilling programmes off the Irish coast are expected to increase materially in the coming years, according to Davy Stockbrokers, who view the entry of Kosmos Energy as a potential game changer in Irish oil exploration.

US company Kosmos Energy has become the latest international exploration firm to show an interest in Ireland’s burgeoning offshore oil and gas potential, snapping up controlling stakes in two prospects off the Kerry coast.

Providence Resources has scrapped immediate plans to drill off Dublin’s coast.

Limerick-headquartered oil and gas exploration company, Circle Oil has secured $12.5m (€9.5m) in additional funding for its assets in Egypt.

TULLOW Oil, the Irish Stock Exchange-quoted explorer with the most licenses in Africa, may cut production guidance for this year after delays at projects including Jubilee, its largest field.

TULLOW Oil has made a second potentially large-scale oil and gas discovery in Ghana, which could come close to rivalling its nearby Jubilee field, in terms of production levels.

TULLOW Oil, which is engaged in both oil exploration and production, has announced two significant developments for the group yesterday.

Exxon Mobil has bought Kosmos Energy’s stake in oil blocks offshore of the West African country of Ghana in an area that contains huge crude discoveries, The Wall Street Journal reported.

IRISH oil and gas exploration company Tullow Oil has said operational performance in the year to date has been strong, continuing last year’s trend.