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Technical Update on Offshore Ireland Licences
Technical Update on Offshore Ireland Licences.
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\n1 August 2016\n\nEuropa Oil & Gas (Holdings) plc (‘Europa’ or ‘the Company’)\n\n Technical Update on Licensing Options 16/20 and 16/21, Offshore Ireland\n\nEuropa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration, development and production company focused on Europe, is pleased to provide detailed technical information on the recently awarded Licensing Options (‘LO’) 16/20 and 16/21. Europa has a 100% interest in, and is operator of, seven licences in the Atlantic basins offshore Ireland including LO 16/20 and LO 16/21, which cover 945 km2 and 832 km2 respectively in the Greater Corrib play in the Slyne Basin and are near the producing Corrib gas field.\n\nHighlights\n\n\nSeveral large gas leads identified across both LO 16/20 and LO 16/21 in the Greater Corrib area of the Slyne Basin - a hydrocarbon play proven by the Corrib gas field \n\n\nGross mean un-risked prospective resources of 1 TCF identified in LO 16/20\n\nGross mean un-risked indicative resources of 0.5 TCF identified in LO 16/21\n\n\n\nThe Greater Corrib play comprises Triassic sandstone reservoirs in tilted fault block structures with hydrocarbons generated from Carboniferous source rocks\n\nWater depths range from 300 – 2000m and the licences are already partially covered by historic 3D seismic data as well as extensive 2D seismic\n\nStrategy to expedite exploration by securing a farm-in partner(s) with which to reprocess historic 3D seismic over LO 16/20 and LO 16/21 and to mature leads to drillable prospect status\n\n\nEuropa CEO Hugh Mackay said, “Not everything offshore west Ireland is high risk, deepwater, frontier exploration. LOs 16/20 and 16/21 are in the greater Corrib area of the Slyne Basin and represent exploration in a proven play, in the vicinity of a gas field that is newly on production and with substantial gas infrastructure already in place. Clearly we are at a very early stage in the exploration cycle, however, equally clearly we have a well defined work programme to de-risk the play. In particular it is hoped that successful reprocessing of historic 3D seismic might allow us to mature existing leads to drillable prospect status without the need to acquire new seismic data.\n\n“We are...