Europa Oil & Gas (Holdings) Plc 4 New Prospects Identified on Offshore Ireland Licence
27 Avril 2017 - 8:00AM
UK Regulatory
TIDMEOG
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas
27 April 2017
Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company')
Four Significant New Prospects Identified on Offshore Ireland Licence
Europa Oil & Gas (Holdings) plc, the AIM traded, UK and Ireland focused, oil
and gas exploration, development and production company, is pleased to provide
a technical update on its Frontier Exploration Licence 2/13 ('FEL 2/13' or 'the
Licence') located on the west flank of the South Porcupine Basin, offshore
Atlantic Ireland. Europa's new work has focussed on deeper prospectivity than
previously investigated. A number of new prospects and leads have been
identified, of which the Company believes four are significant. Initial
volumetrics on two of these new targets exceed the 200 million boe threshold
Europa regards as the minimum economic field size in Atlantic Ireland. Combined
gross mean un-risked indicative and prospective resources for the Licence now
stand at 1.12 billion boe across nine oil prospects and 3.7 TCF gas in a
Triassic prospect.
New prospect "Kilroy" is a lowermost Cretaceous slope apron deposit broadly
time-equivalent to Europa's "Wilde" prospect in FEL 3/13. It appears to be
optimally located for the Lower Cretaceous/Upper Jurassic source system
identified by well 43/13-1 and implied by the Dunquin (44/23-1) well. "Keane"
is a syn-rift lead with AVO expression down-dip of oil-bearing sand stringers
in 43/13-1. "Kiely" is a Middle Jurassic tilted fault block prospect in the
south-east of the Licence. This same fault block has Triassic gas prospectivity
at depth (Prospect "A-Tr").
Previously Europa had identified four prospects: Doyle A, Doyle B, Doyle C and
Heaney with gross mean un-risked indicative and prospective resources of
595mmboe. Following new seismic attribute work, Europa has subdivided Doyle A
into three separate prospects, strung out along the axis of the Doyle A slope
channel system. These are now separately identified as the west, central and
east targets. Doyles B and C have not been revised at this stage. Prospect
Heaney has been eliminated.
Gross mean un-risked indicative
and prospective resources million
boe
Prospect/Lead Play Low Best High Mean
Doyle A - west Cretaceous slope Oil 12 38 115 54
channel
Doyle A- Cretaceous slope Oil 16 51 149 70
central channel
Doyle A - east Cretaceous slope Oil 36 110 327 154
channel
Doyle B Cretaceous slope Oil 22 76 264 119
channel
Doyle C Cretaceous slope Oil 12 44 155 71
channel
Kilroy Prospect Cretaceous slope Oil 18 85 369 159
apron
Keane Lead Late syn-rift AVO Oil 25 117 498 217
Lead F Early Syn-rift Oil 4 23 102 44
Kiely Prospect Middle Jurassic Oil 18 104 553 236
tilted fault block
Total oil 1124
Gross mean un-risked indicative
and prospective resources bcf
Prospect Play Low Best High Mean
A-Tr Triassic Gas 304 2016 8981 3640
Further technical work is required to de-risk these prospects and leads and to
upgrade them to drillable prospect status. This will involve reprocessing the
existing 3D seismic to deliver a pre-stack depth migration product, followed by
detailed geophysical and geological interpretation.
In tandem with this work, Europa continues to talk to potential partners with
regards to farming-out an interest in FEL2/13, as part of the Company's
strategy to farm-out its leading licence position offshore Ireland. This
comprises seven licences covering 5,818 sq km, six play types, three basins,
and twenty prospects and leads which potentially hold gross mean unrisked
resources of more than 4 billion barrels of oil equivalent and 1.5 TCF of gas
(Europa estimates). In line with the farm-out strategy, on 8 March 2017 Europa
announced an agreement with a wholly owned subsidiary of leading operator Cairn
Energy PLC Group (LSE: CNE) in relation to a 70% interest in and operatorship
of Licensing Option 16/19.
Europa CEO Hugh Mackay said, "Our 3D seismic data continues to be a very
powerful tool with which to understand the geology, structure and petroleum
systems in the South Porcupine basin. Whilst we entered the basin in 2011
inspired by the Cretaceous fan play our understanding continues to evolve and
in addition to the Cretaceous we have identified new plays in the Cretaceous
shelf and slope, syn-rift, post-rift and Triassic. Given that we are at a very
early stage in a large and underexplored basin, we believe it is beneficial to
have exposure to a diversified portfolio of play types, hopefully all or some
of them will prove successful.
"The next phase of work on this licence will involve reprocessing the existing
3D seismic to deliver better definition, better depth control and to enable
de-risking sufficient to upgrade the prospects to drill-ready status. Atlantic
Ireland is about to enter a drilling phase, which we believe may be sustained
over several years. Our objective is to deliver six drill ready prospects with
which to trail blaze or fast follow to success. All our drill ready prospects
will be potential company makers."
* * ENDS * *
For further information please visit 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. Its highly prospective exploration
projects include the Wressle oil development in the UK and seven licences
offshore Ireland with the potential to host gross mean un-risked prospective
and indicative resources of more than 4 billion barrels oil equivalent and 1.5
TCF gas across all seven licences. In 2016 Europa produced 123 boepd from its
portfolio of onshore UK licences.
Qualified Person Review
This release has been reviewed by Hugh Mackay, Chief Executive of Europa, who
is a petroleum geologist with 30 years' experience in petroleum exploration and
a member of the Petroleum Exploration Society of Great Britain, American
Association of Petroleum Geologists and Fellow of the Geological Society. Mr
Mackay has consented to the inclusion of the technical information in this
release in the form and context in which it appears.
END
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