Europa Oil & Gas has received approval from the Irish government to extend the initial phase of its FEL 4/19 license until January 2028.

The company stated that the Department of the Environment, Climate and Communications has agreed to the extension, providing additional time for technical studies and for securing a partner for the project.

The FEL 4/19 license includes the Inishkea West gas prospect, which has estimated reserves of 1.5 trillion cubic feet.

According to the company, it plans to use the extension period to advance technical evaluations and progress the license towards a drilling phase.

Europa Oil & Gas CEO William Holland said, "I am pleased our application was approved, allowing us to proceed with further technical work on the license and to seek a project partner. FEL 4/19 contains the substantial, low-risk Inishkea West gas prospect, with 1.5 trillion cubic feet of reserves. This is a strategic asset with the potential to supply Ireland with reliable, low-carbon energy and play a key role in the transition to renewable green energy."

"Given its proximity to existing infrastructure, a discovery at Inishkea West could be brought into production quickly and would reduce Ireland's dependence on imported gas. Compared to gas imported from the UK, Norway, or further afield, domestically produced gas from Inishkea West would have a significantly lower carbon footprint."