Europa recieves new prospects on Irish Atlantic Margin licenses
Europa recieves new prospects on Irish Atlantic Margin licenses
LONDON -- Europa Oil & Gas has received a new prospect inventory from Kosmos Energy, the operator of the licenses FEL 2/13 and FEL 3/13, in the South Porcupine basin, offshore Ireland.
The inventory is based on state of the art 3D seismic acquired in 2013 and includes the identification of a number of new, large prospects and leads on both licenses. As a result, material changes have been made to the prospectivity previously mapped on the licenses using historic 2D seismic data. Europa is currently preparing relevant data to initiate work on a Competent Persons report for completion in H1 2015.
License FEL 3/13
Two prospects, named Beckett and Wilde, and one lead, Shaw, have been identified. The new prospects have gross mean unrisked prospective resources of 760 MMbbl of oil for Beckett and 493 MMbbl for Wilde. These new prospects and leads replace the Kiernan prospect previously identified by Europa.
License FEL 2/13
Two new prospects, Doyle A and Doyle B, have been identified. Gross mean unrisked prospective resources are 123 MMbbl for Doyle A and 69 MMbbl for Doyle B. These new prospects replace the Mullen prospect previously identified by Europa.
Further seismic analysis work is now being conducted to provide a definitive prospect risking and ranking. It is expected that this work will be completed in H1 2015 and will enable a decision to be made regarding next steps on the licenses. This includes the possibility of detailed drilling planning and preparatory work to enable an exploration well to be drilled as early as 2016.
Europa’s CEO, Hugh Mackay said, "The prospect inventory has been completed by Kosmos and the early promise shown on historic 2D seismic data has been vindicated by the prospects identified on the new 3D seismic."
"Geophysical studies are now being performed to clarify prospect risk and ranking with a view to inform a drilling decision, expected to be in H1 2015. If positive, this could lead to what could be a company-making well for Europa being drilled in 2016," Mackay added.
