Europa Oil & Gas (Holdings) PLC 3D seismic acquisition offshore Ireland
10 Juillet 2017 - 8:00AM
RNS Non-Regulatory
TIDMEOG
Europa Oil & Gas (Holdings) PLC
10 July 2017
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
Europa Oil & Gas (Holdings) plc ('Europa' or 'the
Company')
Commencement of 3D seismic acquisition offshore Ireland
Europa Oil & Gas (Holdings) plc, the UK and Ireland focussed
oil and gas exploration, development and production company, is
pleased to announce that further to the Company's announcement of
25 April 2017, seismic company TGS has commenced the acquisition of
the Crean 3D multi-client project on the Irish Atlantic Margin with
the Shearwater GeoServices 3D vessel Polar Marquis. It is
anticipated 3D seismic will be acquired over Europa's 30% owned
Licensing Option 16/19 ('LO 16/19' or 'the Licence') during summer
2017. Further information about the survey can be found on the
Irish Offshore Operators Association website
http://www.iooa.ie/exploration-activity/#seismic-operations
A technical update on the 976km(2) LO 16/19 was previously
released by the Company on 18 July 2016 in which Europa identified
the potential for several Cretaceous submarine fans with gross mean
un-risked prospective resources in the range of 300 million to 1
billion boe:
http://www.europaoil.com/documents/160718LO16_19technicalupdate.pdf
As announced on 8 March 2017, Europa farmed out a 70% interest
in and operatorship of LO 16/19 to a wholly owned subsidiary of
Cairn Energy PLC. Under the terms of the farm out, Europa will be
carried for a US$6 million work programme which will include
participation in the Crean 3D over LO 16/19:
http://www.europaoil.com/documents/170308LO1619IrishFarmOut.pdf
Europa's CEO, Hugh Mackay, said: "The acquisition of 3D seismic
is the critical first step towards unlocking the hydrocarbon
potential of any licence in the South Porcupine basin. We are
therefore pleased that acquisition operations have begun for LO
16/19. We expect to receive a processed product in 2018 after which
we can begin detailed interpretation of the 3D data and in due
course deliver a prospect inventory, as we look to add to the 32
prospects we have already identified within our Irish portfolio
across six different play types and three basins.
"We note the imminent start of drilling operations in FEL 2/14
some 100km south of LO 16/19. The outcome of this well is not only
relevant to our Cretaceous fan and Paleocene prospects and leads in
the basin, it also has the potential to de-risk all four of our
South Porcupine licences across which we have identified gross mean
un-risked prospective resources of over 4 billion barrels oil
equivalent, half of which have been independently audited by a
Competent Person."
* * ENDS * *
For further information please visit www.europaoil.com or
contact:
+ 44 (0) 20
Hugh Mackay Europa 7224 3770
+ 44 (0) 20
Phil Greenhalgh Europa 7224 3770
+ 44 (0) 20
Matt Goode finnCap Ltd 7220 0500
+ 44 (0) 20
Simon Hicks finnCap Ltd 7220 0500
St Brides Partners + 44 (0) 20
Frank Buhagiar Ltd 7236 1177
St Brides Partners + 44 (0) 20
Susie Geliher Ltd 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 2016 Europa produced 123 boepd. Its highly
prospective exploration projects include the Wressle development
(targeting production at up to 500 bopd gross) 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.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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