Cairn named operator of Irish licence

The Irish Government has sanctioned Europa Oil and Gas’s farm-out of a 70% stake in an offshore licence to Edinburgh-based Cairn Energy.

Europa has also handed over the operatorship of an option in the South Porcupine Basin off the south-west tip of Ireland, to oil and gas explorer Cairn’s subsidiary Capricorn Ireland.

Cairn will now pay for Europa’s share of the 3D seismic survey to be carried out on the prospect in the summer.

Europa chief executive Hugh Mackay said the farm-out would help fast-track exploration efforts in the basin.