Business
Technical Update on LO16/20 Offshore Ireland
Technical Update on LO16/20 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\n13 December 2017\n\nEuropa Oil & Gas (Holdings) plc (‘Europa’ or ‘the Company’)\n\n Technical Update on LO16/20 Offshore Ireland \n\nEuropa Oil & Gas (Holdings) plc, the UK and Ireland focussed exploration, development and production company, is pleased to announce an update on its 100% owned Licensing Option (‘LO’) 16/20 in the Slyne basin, offshore Ireland which lies adjacent to the producing Corrib gas field (‘Corrib’). The Company has mapped a number of significant structures at LO 16/20 which are potentially gas bearing and the Board believes that these could contain in excess of 2.5 trillion cubic feet (tcf) of gas in place combined. Work is in progress to estimate the prospective resources arising from this gas in place and these are anticipated to be significantly more than the 1 tcf prospective resources (1.4 tcf gas in place) previously mapped on the licence.\n\nThis update follows technical work carried out by Europa on legacy 3D seismic and on data recently released from the 18/20-7 exploration well drilled by Royal Dutch Shell in 2010 (‘the Well’) into Corrib North, a Triassic sandstone reservoir prospect located on LO 16/20. Log data from the Well suggests the presence of gas at Corrib North which is a separate anticline some 7km north of the Corrib gas field.\n\n\nThe Well penetrated a 70m gas column in the same Triassic sandstone reservoir as the Corrib field, but as it was terminated in the reservoir, the gas column is a “gas down toâ€\n\nBased on mapping, Europa believes the full gas column at Corrib North has the potential to be 170m thick and the surface area of the structure to be 5.75km2\n\nThe presence of a gas reservoir substantially de-risks Corrib North and other significant undrilled prospective gas-bearing structures on the licence, including the Foyle, Foyle North and Foyle West prospects ~16km north west of Corrib\n\n\n\nEuropa believes in excess of 2 tcf of gas in place could be contained within the three Foyle prospects \n\n\nFoyle’s burial history suggests that reservoir porosities may be as good as if not better than the Corrib field\n\n\n\n\n\nA subsurface and production engineering consultancy has been commission...