Business
Update on offshore Ireland portfolio
Update on offshore Ireland portfolio.
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\n24 May 2018\n\nEuropa Oil & Gas (Holdings) plc (‘Europa’ or ‘the Company’)\n\nUpdate on offshore Ireland portfolio\n\nEuropa Oil & Gas (Holdings) plc, the UK and Ireland focused exploration, development and production company, is pleased to provide the following update on its industry-leading and highly diversified portfolio of prospects across its seven licences and licensing options (‘LO’) in Atlantic Ireland, which covers three basins and six play types. This update includes the Company’s flagship Inishkea prospects on LO 16/20 near the Corrib gas field in the Slyne Basin.\n\nSlyne Basin: LO 16/20\n\nEuropa is concentrating its efforts on LO 16/20 which is immediately adjacent to the Corrib gas field and in particular to mature the Inishkea prospects to drill ready status. 3D seismic reprocessing to pre-stack depth migration (‘PSDM’) commenced in March 2018 and is expected to be completed in Q4 2018 with a drilling decision and drill location following shortly thereafter, subject to partnering and/ or funding.\n\nIn parallel with the reprocessing project Europa has commissioned drilling and environmental specialists to engage with the various Irish regulatory agencies and establish the technical and regulatory pathways to enable Europa’s flagship Inishkea prospects to be drilled with a target of 2019.\n\nThe six gas prospects and leads in LO 16/20 that have been mapped by Europa on legacy 3D seismic data, are lower risk, in comparatively shallow water, close to gas infrastructure and with potential combined undiscovered gas initially in place (GIIP) of 2.5 TCF, represent a substantial volume of gas.\n\nSouth Porcupine Basin\n\nTechnical work continues across Europa’s four licences in the South Porcupine basin. PSDM reprocessing of 3D seismic over FEL 1/17, 3/13 and 2/13 has been completed on schedule and on budget. Interpretation of the new data and creation of an updated prospect inventory is underway. The updated prospect inventory for FEL 3/13 will be announced during Q2 2018. FEL 1/17 and 2/13 will follow in due course.\n\nSlyne Basin: LO 16/21\n\nFollowing completion of the agreed work programme, including a full technical assessment, Europa has concluded that the prospectivity of i...