Europa starts drill prospect review on Irish licenses

The Irish government has extended Phase 1 of offshore frontier exploration licenses 2/13 and 3/13 in the Porcupine basin held by Europa Oil & Gas.

Frontier exploration licenses in the Porcupine basin offshore Ireland
Frontier exploration licenses in the Porcupine basin offshore Ireland

Offshore staff

DUBLIN, Ireland – The Irish government has extended Phase 1 of two offshore frontier exploration licenses (FELs 2/13 and 3/13) in the Porcupine basin held by Europa Oil & Gas until July 4, 2019.

In addition, the government has approved Europa’s application to convert licensing option (LO) 16/2 to FEL 1/17. Execution of relevant documentation is under way. Europa has a 100% interest in all three licenses.

In all cases, the work programs will include pre-stack depth migration (PSDM) of 3D seismic data acquired in 2013. The goal is to mature existing prospects and leads, particularly in the pre-rift and syn-rift plays, to drill-ready status.

Additionally, Europa may seek to de-risk drill-ready prospects in the Cretaceous fan play. PSDM reprocessing over FEL 3/13 and FEL 1/17 has started, with all work funded by the company’s recent placing and open offer.

Gross mean un-risked prospective resources associated with these licenses are:

License

No. of prospects and leads

Gross mean un-risked prospective resources MMboe

Comment

FEL 3/13

3

1,492

CPR ERC Equipoise

LO 16/2

3

898

ERC CPR & in-house

FEL 2/13

9

1,124

Europa in-house

06/22/2017

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