DUBLIN, Ireland – The Irish government has approved the transfer of a 70% operated interest in licensing option 16/19 (LO 16/19) offshore western Ireland to Cairn Energy subsidiary Capricorn Ireland.
Europa Oil & Gas is the other partner with a 30% interest.
LO 16/19 covers around 976 sq km (377 sq mi) on the western flank of the South Porcupine basin, offshore Ireland.
Cairn will fund Europa’s share of theCrean multi-client 3D seismic acquisition program that TGS is organizing this summer, including the acquisition, processing, and interpretation of 3D data over LO16/19.
The Crean 3D, spanning over 5,400 sq km (2,085 sq mi) between the Porcupine High and the Irish Mainland Platform on the Irish Atlantic Margin, is due to start shooting in June, subject to Irish government approval, with the final processed product to be delivered in 2018.
Europa says future exploration work on its license will be based on the results of detailed prospect mapping of the processed dataset.
Last summer, the company estimated prospective resources in the range of 300 MM - 1 Bboe within various Cretaceous submarine fans.