Europa Oil & Gas (Holdings) PLC Extension of 100%-owned offshore Ireland Licences
02 Août 2016 - 8:00AM
UK Regulatory
TIDMEOG
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas
02 August 2016
Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company')
Extension of 100%-owned FEL 2/13 and 3/13 offshore Ireland Licences
Europa Oil & Gas (Holdings) plc, the AIM quoted oil and gas exploration,
development and production company focused on Europe, is pleased to announce it
has received notification from the Department of Communications, Climate Action
and Environment ('DCCAE') that Phase 1 of Frontier Exploration Licences ('FEL')
2/13 and 3/13 in the South Porcupine Basin has been extended by one year to 4
July 2017. This will allow Europa to mature existing prospects and perform
detailed mapping of all potential prospective levels on both licences,
including the Pre-Rift, Syn-Rift and Tertiary plays, whilst it continues to
seek a farm out partner for drilling.
Based on 2,500km2 of proprietary 3D seismic data, which was acquired in 2013,
Europa has mapped gross mean un-risked Prospective Resources of approximately
1.5 billion barrels of oil equivalent ('boe') in FEL 3/13 in three early
Cretaceous submarine fan prospects and 595 million boe in FEL 2/13 in early
Cretaceous turbidite channel prospects. Charged by mature Late Jurassic and
Early Cretaceous source rocks and contained in stratigraphic traps with
elements of structural closure, these reservoirs are analogous to the
Cretaceous play in the equatorial Atlantic Margin province which has delivered
the Jubilee and Mahogany oil fields.
The 12 month extension for both licences will also enable the Company to
undertake further technical analysis and mapping of potential Pre-rift and
early Post-rift plays, and also generate regional paleo-geographic models for
the Pre-Rift, Syn-Rift and Tertiary that will enable reservoir development and
reservoir quality to be predicted.
Europa has also already mapped three Pre-rift prospects in Licensing Option
('LO') 16/2 with combined gross mean unrisked prospective resources of 895
mmboe, as previously announced on 12 February 2016 and 2 March 2016. LO 16/2
adjoins the eastern boundary of FEL 3/13 and both licences are covered by
Europa's proprietary 3D seismic acquired in 2013. The Company believes that at
least one of the Pre-rift prospects in LO 16/2 extends into FEL 3/13.
Europa CEO Hugh Mackay said, "Recent discoveries 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. Thanks to this 12 month extension, we
can now investigate these further, with the aim of securing a farm out partner
for drilling. Having already mapped combined gross mean un-risked prospective
resources of over 2 billion boe on our 100% owned FELs 2/13 and 3/13, the
Cretaceous play clearly has high exploration potential. We believe there is
scope to further enhance this potential with additional plays in the Syn-rift,
Pre-rift and Tertiary. Whilst we hope that all of these plays are proved
successful in the South Porcupine basin by drilling, at this early stage in the
exploration of a frontier basin, it is beneficial to have a diversity of plays
in our portfolio. I look forward to providing further updates on our progress
not just on these two blocks, but across all seven of our licences offshore
Ireland."
Atlantic basin portfolio
Europa has seven licences in three basins in the Atlantic basins offshore
Ireland with combined gross mean un-risked prospective and indicative resources
of more than 4 billion boe and 1.5 tcf gas.
gross mean un-risked
prospective and
indicative resources
Licence Europa area km2 Basin Term Oil Gas TCF
equity millon
boe
FEL 2/13 100% 768 South Phase 595
operator Porcupine 1 of
15 yr
FEL 3/13 100% 782 South Phase 1,500
operator Porcupine 1 of
15 yr
LO 16/2 100% 523 South 2 yr 895
operator Porcupine
LO 16/19 100% 976 South 2 yr 700
operator Porcupine
LO 16/20 100% 945 Slyne 3 yr 1
operator Basin
LO 16/21 100% 832 Slyne 3 yr 0.5
operator Basin
LO 16/22 100% 992 Padraig 3 yr 500
operator
total 5,818 4,190 1.5
A map can be found on Europa's website detailing the location of all seven of
Europa's offshore Ireland licences. Please click on the link below or copy and
paste this into your browser: http://www.europaoil.com/documents/
160607EuropaIrishLicences_002.pdf.
An updated concession map can be found on the DCCAE website at: http://
www.dccae.gov.ie/natural-resources/SiteCollectionDocuments/
Oil-and-Gas-Exploration-and-Production/A0_Concession_Map_Jul2016.pdf.
* * ENDS * *
For further information please visit http://www.europaoil.com/ or contact:
Hugh Mackay Europa + 44 (0) 20 7224
3770
Phil Greenhalgh Europa + 44 (0) 20 7224
3770
Matt Goode finnCap Ltd + 44 (0) 20 7220
0500
Simon Hicks finnCap Ltd + 44 (0) 20 7220
0500
Frank Buhagiar St Brides Partners Ltd + 44 (0) 20 7236
1177
Susie Geliher St Brides Partners Ltd + 44 (0) 20 7236
1177
Notes
Europa Oil & Gas (Holdings) plc has a diversified portfolio of multi-stage
hydrocarbon assets that includes production, exploration and development
interests, in countries that are politically stable, have transparent licensing
processes, and offer attractive terms. In 2015 Europa produced 141 boepd. Its
highly prospective exploration projects include the Wressle development
(targeting production start-up later in 2016 at up to 500 bopd gross) in the
UK; 100% owned gas exploration prospect (107 bcf) and appraisal project (CPR
277 bcf) in onshore France, a joint venture with Vermilion Energy also in
onshore France; and seven licences offshore Ireland with the potential to host
gross mean un-risked resources of more than 4 billion barrels oil and 1.5 tcf
gas across all seven licences.
END
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