Business
New Irish Prospect Inventory and Farmout Launch
New Irish Prospect Inventory and Farmout Launch.
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\n12 July 2018\n\nEuropa Oil & Gas (Holdings) plc (‘Europa’ or ‘the Company’)\n\nNew Prospect Inventory for Atlantic Ireland Licences and Launch of Farmout\n\nEuropa Oil & Gas (Holdings) plc, the UK and Ireland focused exploration, development and production company, is pleased to report that is has completed an updated prospect inventory for its 100% owned Frontier Exploration Licences (‘FEL’) 1/17 and 2/13 in the South Porcupine Basin, Atlantic Ireland. In addition, the Company has today launched a farmout process for three of its licences in the South Porcupine Basin FELs 1/17, 2/13 and 3/13, which together are estimated to hold gross mean un-risked prospective resources of 4.3 billion barrels of oil equivalent (boe).\n\nHighlights\n\n\nMarked improvement in seismic quality and a substantial de-risking of the prospect inventory for FELs 1/17 and FEL 2/13 following pre-stack depth migration (‘PSDM’) reprocessing of proprietary 3D seismic data originally acquired in 2013\n\nFEL 1/17: gross mean un-risked prospective resources of 584 million barrels of oil equivalent (“mmboeâ€) comprised of two pre-rift prospects Edgeworth and Ervine and one new syn-rift target, Egerton\n\nEgerton is interpreted to be analogous to the Bay du Nord discovery on the conjugate margin, offshore Newfoundland\n\nFEL 2/13: gross mean un-risked resources of 817 mmboe comprised of two pre-rift prospects Kiely East and Kiely West and one Cretaceous target, Kilroy\n\nTogether with previously announced gross mean un-risked prospective resources of 2.9 billion boe on FEL 3/13 (see RNS of 5 June 2018), total gross mean un-risked prospective resources across FELs 1/17, 2/13, and 3/13 now stand at 4.3 billion boe\n\nFirm drilling targets identified in FEL 1/17, 3/13 and 2/13 - respectively prospects Edgeworth, Wilde and Kiely East\n\nThe farmout data room to secure partner(s) and fund exploration drilling activity opened today (12 July 2018)\n\n\nHugh Mackay CEO said: “The PSDM reprocessing of our proprietary 3D seismic data sets over our South Porcupine licences has transformed the prospect inventory. Prospect volumes have changed, but more importantly the accuracy of our maps and our confidence in them, has substantially increased...