Europa Oil & Gas (Holdings) Plc 12 month extension to FEL 2/13, Offshore Ireland
12 Août 2019 - 8:00AM
UK Regulatory
TIDMEOG
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas
12 August 2019
Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company')
12 month extension to FEL 2/13, Offshore Ireland
Europa Oil & Gas (Holdings) plc, the UK and Ireland focused oil and gas
exploration, development and production company, is pleased to announce that
the Irish Government has approved the Company's application for a 12 month
extension to the First Phase of Frontier Exploration Licence 2/13 ('FEL 2/13'
or 'the Licence') to 4 July 2020. Europa has a 100% interest in FEL 2/13 which
is located on the west flank of the South Porcupine basin and includes the
Kiely prospects and the Doyle Cretaceous channel complex. The 280 million
barrel Kiely East prospect is the top ranked prospect on the Licence.
The next steps for the Licence include integration of recently purchased CREAN
3D seismic data with particular focus on mapping the extension of Kiely East
into open acreage to the south of the Licence. A site survey application for a
drilling location on Kiely East is in process. FEL 2/13 is one of six offshore
Ireland licences held by Europa which potentially hold gross mean un-risked
prospective resources of 6.4 billion barrels oil equivalent and 1.5 tcf gas.
Europa's CEO, Hugh Mackay, said: "Today's extension enables us to press on with
preparations to drill an exploration well to test the 280 million barrel Kiely
East prospect on FEL 2/13. Kiely East is just one of a number of priority
targets we have identified across our portfolio of six offshore Ireland
licences which, subject to securing farm-out partners and relevant regulatory
permissions, we are looking to drill at the earliest opportunity. With this in
mind, we are focused on proving up the company-making resources we have
identified across multiple play types and basins on our offshore Ireland
licences. I look forward to providing further updates on our progress, not just
at FEL 2/13, but across our multistage portfolio of licences in Ireland and
onshore UK."
Further Information
FEL 2/13 is located on the west flank of the South Porcupine basin in water
depths ranging from 800-1,200m. Hydrocarbon plays include the Pre-rift and
Cretaceous channels. Nine prospects and leads have been identified on
proprietary PSDM 3D seismic data. The Kiely East prospect in the Pre-rift play
is considered the top prospect with gross mean un-risked prospective resources
of 280 million barrels of oil equivalent mapped on licence in FEL 2/13. The
prospect continues into open acreage to the south of FEL 2/13 and has the
potential to double in size. These additional volumes are not included in the
prospective resources presented in the table below. Europa has purchased the
TGS CREAN 3D data which provides complete seismic coverage over the entirety of
the Kiely prospects.
In house prospective resources
Licence Prospect Play Gross Prospective Resources Equity
mmboe*
Un-risked
Low Best High Mean
FEL 2/13 Kiely East + Pre-rift 52 187 612 280 100%
FEL 2/13 Kiely West + Pre-rift 23 123 534 225 100%
FEL 2/13 Kilroy+ Cret. Slope Apron 37 177 734 312 100%
FEL 2/13 Doyle A - west Cret. slope channel 12 38 115 54 100%
FEL 2/13 Doyle A - Centre Cret. slope channel 16 51 149 70 100%
FEL 2/13 Doyle A - east Cret. slope channel 36 110 327 154 100%
FEL 2/13 Doyle B Cret. slope channel 22 76 264 119 100%
FEL 2/13 Doyle C Cret. slope channel 12 44 155 71 100%
FEL 2/13 Lead F Syn-rift 4 23 102 44 100%
Total 1329
*million barrels of oil equivalent. The hydrocarbon system is considered an
oil play and mmboe is used to take account of associated gas. However, due
to the significant uncertainties in the available geological information,
there is a possibility of gas charge.
+prospect extends outside licence, volumes are
on-licence
Europa follows Society of Petroleum Engineers (SPE) guidelines for petroleum
reserves and resources classification. By definition prospective resources are
recoverable. Further information can be found on the SPE website https://bit.ly
/2LtLVIa .
A drilling location for a first exploration well on Kiely East has been
identified. Subject to regulatory consent Europa plans to acquire a site survey
as part of preparations to drill an exploration well once funding and
regulatory permissions for drilling are in place.
Europa has licence applications in process for FEL 3/13 and LO 16/22, further
information will be provided as it becomes available.
The information communicated in this announcement contains inside information
for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
* * 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
Camille Gochez finnCap Ltd + 44 (0) 20 7220
0500
Frank Buhagiar St Brides Partners Ltd + 44 (0) 20 7236
1177
Juliet Earl 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 2018 Europa produced 94 boepd. Its
highly prospective exploration projects include the Wressle development in the
UK (targeting production start-up in 2020 at 500 bopd gross) and six licences
offshore Ireland with the potential to host gross mean un-risked prospective
resources of 6.4 billion barrels oil equivalent and 1.5 tcf gas across all six
licences.
END
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