Business
CPR Confirms Two Large Prospects Offshore Ireland
CPR Confirms Two Large Prospects Offshore Ireland.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \nEuropa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas\n\n8 May 2017\n\nEuropa Oil & Gas (Holdings) plc (‘Europa’ or ‘the Company’)\n\nCPR Confirms Two Significant Pre-Rift Prospects in Offshore Ireland Licence\n\nEuropa Oil & Gas (Holdings) plc, the AIM traded, UK and Ireland focused, oil and gas exploration, development and production company, is pleased to announce the results of an independent Competent Person’s Report (‘CPR’) prepared by ERC Equipoise Ltd (‘ERCE’), including estimates of gross mean un-risked Prospective Resources of 553 mmboe across two new pre-rift prospects, Ervine and Edgeworth, in Licensing Option (‘LO’) 16/2, offshore Atlantic Ireland. Europa has a 100% interest in LO 16/2 which is located in the South Porcupine Basin (http://www.europaoil.com/OperationsIreland.aspx).\n\nHighlights\n\n\nThe CPR follows in-house work conducted on proprietary 3D seismic data which identified a number of large pre-rift tilted fault blocks, potentially analogous to the Brent Province of the North Sea\n\nERCE independently assessed the Prospective Resources associated with two of these fault blocks, the Edgeworth and Ervine prospects, and assigned gross mean un-risked Prospective Resources of 251 mmboe and 302 mmboe respectively\n\nBoth prospects are above the 200 mmboe threshold considered by Europa to be the minimum economic field size\n\nTogether with three Cretaceous fan prospects on Europa’s 100% owned Frontier Exploration Licence (‘FEL’) 3/13, which adjoins LO 16/2, ERCE has audited over 2 billion boe of gross mean un-risked Prospective Resources across five prospects: Wilde, Beckett and Shaw in FEL 3/13 and Edgeworth and Ervine in LO 16/2\n\nThis brings Europa’s total aggregated gross mean un-risked Prospective Resources across its seven Irish Atlantic Margin licences to 4.7 billion boe and 1.5 tcf of gas, using Europa’s internal estimates for FEL 2/13, LO 16/19, LO 16/20, LO16/21 and LO 16/22\n\nERCE’s estimates of Prospective Resources for Edgeworth and Ervine are tabulated below. \n\n\n\n\nLO 16/2\nGross Un-risked Prospective Resources mmboe*\nChance of success\n1 in\n\n\n\n\nProspect\n\n\n\n\nLow\nBest\nHigh\nMean\n\n\n\n\nErvine\n24\n117\n579\n251\n12%\n8.0\n\n\n\n\nEdgeworth\n39\n162\n675\n302\n15%\n6.9\n\n\n\n\nDeterminist...