Business
Three New Large Prospects Identified Offshore I...
Three New Large Prospects Identified Offshore I....
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\n2 March 2016\n\nEuropa Oil & Gas (Holdings) plc (‘Europa’ or ‘the Company’)\n\n Three Large Prospects Identified on New Licensing Option, 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 further details regarding the recently awarded Licensing Option 16/2 (‘LO 16/2’) in the southern Porcupine Basin, offshore Ireland, which includes three new prospects mapped on 3D seismic with gross mean un-risked prospective resources of 895 million barrels of oil equivalent (‘boe’). As announced on 12 February 2016, Europa was awarded a 100% interest in LO 16/2 as part of Phase 1 of the 2015 Atlantic Ireland Licensing Round.\n\n\nEuropa has received written confirmation from the Department of Communications, Energy and Natural Resources (‘DECNR’), that it has been awarded a 100% interest in LO 16/2 for a period of two years effective from 1 March 2016\n\nLO 16/2 comprises Blocks 54/3 and 54/8 and covers approximately 522 km2 of ground which adjoins the eastern boundary of Frontier Exploration Licence 3/13 (‘FEL3/13’) in which Europa has a 100% interest\n\nEuropa has identified three new pre-rift prospects in LO 16/2 which have combined gross mean un-risked prospective resources of 895 million boe \n\n\nThe three new prospects were mapped on Europa’s proprietary 3D seismic which was acquired in 2013\n\nThe pre-rift play has proved very successful in the Flemish Pass basin offshore Newfoundland\n\n\n\nIncluding LO 16/2 Europa now has a 100% interest in an estimated three billion boe of gross mean unrisked prospective resources across its licences/licensing options in the South Porcupine Basin - these include: \n\n\n1.5 billion boe of gross mean unrisked prospective resources identified across three Cretaceous prospects on FEL 3/13 which have a potential mean Un-risked NPV10 of approximately US$7 billion as detailed in summary Competent Persons Report (‘CPR’) by ERC Equipoise (“ERCEâ€) issued on 12 May 2015 and the NPV report of 26 October 2015, also by ERCE\n\n595 million boe of gross mean unrisked prospective resources ...