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Completion of 3D Seismic Offshore Ireland
Completion of 3D Seismic Offshore Ireland.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \n Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas \n\n24 October 2013\n\n Europa Oil & Gas (Holdings) plc (`Europa' or `the Company') \n\n Completion of 3D Seismic in South Porcupine Basin, Offshore Ireland \n\nEuropa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration and\ndevelopment company with a combination of producing and exploration assets in\nEurope, is pleased to announce the completion of a 1,500 sq km 3-D seismic\nacquisition programme on Frontier Exploration Licences (`FELs') 2/13 and 3/13\nin the South Porcupine Basin, offshore Ireland. Kosmos Energy Ireland Ltd\n(`Kosmos') is operator and holder of an 85% interest in both licences with\nEuropa holding the remaining 15%.\n\nProcessing of the newly acquired seismic data has already commenced and\ndelivery of the processed data is expected in Q1 2014. This state of the art\ndataset should enable detailed prospect mapping with the intention of\nsignificantly de-risking the previously identified prospectivity on both\nlicences. Subject to the results of the interpretation of the data, the\npartnership should have sufficient technical and commercial information to make\na drilling decision during the second half of 2014. If a positive drilling\ndecision is taken, Europa anticipates that drill planning would then commence\nwith the likely timing for drilling a well being 2015/16.\n\nFELs 2/13 and 3/13 together cover approximately 1,500 sq km in the highly\nprospective South Porcupine Basin in the Irish Atlantic Margin. The FELs were\ngranted on 5 July 2013 and last for a period of 15 years broken down into a\nmaximum of four phases. The first phase of three years included a commitment to\nacquire 740 sq km of 3-D seismic on each licence. Following the completion of\nthe 3-D seismic acquisition programme using the MV Polarcus Amani, the\nrespective acquisition commitments for the first phase have been completed for\neach licence, well in advance of the end of the three year period.\n\nEuropa's CEO Hugh Mackay said: \"The 3-D seismic commitment of 740 sq km on each\nlicence has been fulfilled within just four and a half months of the start date\nof FEL. This is fast track exploration as we, led by Kosmos, target similar\nCretaceous plays in the South Porcupine basin to those that Kosmos successfully\npioneered i...