DUBLIN, Ireland – Europa Oil & Gas (Holdings) has formally accepted the award of four new licensing options (LOs) offshore western Ireland under Phase two of the 2015 Atlantic Ireland licensing round.
LO 16/19 is in the South Porcupine basin, east of and adjacent to the company’s existing frontier exploration license 2/13.
The new option contains a Cretaceous fan play and has the potential for 300-1,000 MMboe of resources.
Europa has mapped turbidite channels on FEL 2/13 which may directly feed the submarine fans developed in LO 16/19.
LO 16/20 is northwest of theShell-operated Corrib gas field in the Slyne basin offshore northwest Ireland. It contains a Triassic gas play, with potentially 1 tcf in a Triassic horst block, 16 km (9.9 mi) northwest of Corrib and mapped on historic 3D seismic.
LO 16/21, 40 km (25 mi) northeast of Corrib in the same basin, could hold up to 0.5 tcf in Triassic tilted fault blocks mapped on historic 2D and 3D data.
LO 16/22 is outright frontier exploration acreage in the Padraig basin on the eastern margin of the Rockall Trough, 160 km (99.4 mi) west of the undeveloped Connemara and Spanish Point oil and gas discoveries, with Pre-rift and Syn-rift plays.
Europa believes this basin may have been juxtaposed against the Flemish Pass offshore Newfoundland prior to Atlantic rifting. It has mapped potential resources of 300-600 MMboe on historic 2D seismic.
CEO Hugh Mackay said:“All our licenses have the potential to be high impact and each one could be a company maker for Europa in the event of drilling success.
“Europa is potentially exposed to 4 Bboe and 1.5 tcf…across the seven licenses. Potential joint venture partners often cite the need for ‘running room’ in a basin, i.e. they want more than one license. Europa is now in a position to be a one stop shop for that running room.
“Over the next few weeks we look forward to finding out which companies have been awarded neighboring licenses and in due course we will provide further technical detail on our new awards.”