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Update on Licensing Option 16/19, Offshore Ireland
Update on Licensing Option 16/19, 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\n18 July 2016\n\nEuropa Oil & Gas (Holdings) plc (‘Europa’ or ‘the Company’)\n\n Technical Update on Licensing Option 16/19, 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 Option (‘LO’) 16/19. Europa has a 100% interest in, and is operator of, seven licences in the Atlantic basins offshore Ireland including LO 16/19, which covers 976km2 in the highly prospective South Porcupine Basin.\n\nHighlights\n\n\nPotential for several Cretaceous submarine fans with a range of 300 million to 1 billion boe (‘barrels of oil equivalent’) gross mean un-risked prospective resources\n\nCretaceous submarine channels demonstrated to cross from Europa’s adjacent FEL 2/13 licence and deposit submarine fans in LO 16/19\n\nStrategy to expedite exploration by securing a farm-in partner with which to acquire 3D seismic over LO 16/19\n\nIncreased activity with majors and super-majors already shooting 3D seismic in the South Porcupine Basin during summer 2016\n\n\nEuropa CEO Hugh Mackay said, “Europa has a deep technical understanding of the Cretaceous fan play in the Porcupine Basin and has insights that allowed us to map submarine fans in LO 16/19 fed directly by submarine channels in FEL 2/13. There is strong technical and commercial synergy with our existing licences in FEL 2/13, FEL 3/13 and LO 16/2 and we can immediately include this award in the data room for the ongoing farm-out of these licences. The entry of majors and super-majors into the basin is already having an impact: Woodside Energy have completed acquiring 3D seismic in the South Porcupine Basin and we understand that CGG is currently shooting a multi-client 3D seismic survey in the South Porcupine and Goban Spur areas. Europa has prime acreage in what is clearly an exploration hotspot and we look forward to developments with great interest.â€\n\nA map can be found on Europa’s website detailing the location of all seven of Europa’s offshore Ireland licences. Please click on the link below or copy and paste this into your browser: http://www.europaoil.com/documents/16060...