Europa given more time for offshore western Ireland analysis
Europa Oil & Gas has received notification from Ireland’s government of an extension to two frontier exploration licenses.
Phase 1 of FELs 2/13 and 3/13 in the South Porcupine basin offshore western Ireland now runs to July 4, 2017.
This should give Europa time to mature existing prospects and perform detailed mapping of all potential prospective levels, including the Pre-Rift, Syn-Rift and Tertiary plays, while it continues to bring in partners for drilling.
The company has used 2,500 sq km (965 sq mi) of proprietary3D seismic data, acquired in 2013, to map prospective resources of around 1.5 Bboe in FEL 3/13 in three early Cretaceous submarine fan prospects and 595 MMboe in FEL 2/13 in early Cretaceous turbidite channel prospects.
These reservoirs, charged by mature Late Jurassic and Early Cretaceous source rocks and contained in stratigraphic traps with elements of structural closure, are thought to be analogous to the Cretaceous play in the equatorial Atlantic Margin province that led to theJubilee and Mahogany oil field discoveries.
Europa also plans to generate regional paleo-geographic models for the Pre-Rift, Syn-Rift, and Tertiary to improve prediction of reservoir development and reservoir quality.
To date the company has mapped three Pre-rift prospects in licensing option 16/2 with combined resources of 895 MMboe.
At least one of the Pre-rift prospects may extend into the adjoining eastern portion of FEL 3/13.
Europa CEO Hugh Mackay said: “Recentdiscoveries offshore Newfoundland and Senegal, backed up by our own technical analysis of our proprietary 3D seismic, demonstrate the clear potential for both FEL 2/13 and 3/13 to hold new exploration plays and new exploration prospects, in addition to the Cretaceous play that we have already identified.”
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