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Update on Porcupine Licences, Offshore Ireland
Update on Porcupine Licences, 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\n22 September 2015\n\nEuropa Oil & Gas (Holdings) plc (‘Europa’ or ‘the Company’)\n\nUpdate on Porcupine Licences, Offshore Ireland\n\nEuropa Oil & Gas (Holdings) plc, the AIM quoted oil and gas company with producing and exploration assets in Europe, announces that, subject to an application being made to the Irish Authorities and approval granted, it intends to assume 100% interest in, and operatorship of, licences FEL 2/13 and FEL 3/13 in the Porcupine Basin, offshore Ireland. This follows Kosmos Energy Ireland’s (‘Kosmos’) decision to exercise its option to withdraw from the Joint Operating Agreements for both licences. FEL 2/13 and FEL 3/13 have the potential to hold gross mean un-risked Prospective Resources of approximately 1.7 billion barrels of oil equivalent (boe), and given the record number of applications in Ireland’s 2015 Atlantic Margin Round, the Board is confident there will be interest in partnering with Europa in both licences.\n\nIreland’s 2015 Atlantic Margin Licensing Round closed on 16 September 2015. The Irish Authorities have reported they have received 43 applications from major, mid cap and small companies, the largest number of applications ever received in any Irish offshore licensing round. Europa has applied for multiple blocks in the 2015 Irish Atlantic Margin Licensing Round and has undertaken considerable proprietary technical work in relation to these licence applications.\n\nEuropa’s enthusiasm for the petroleum potential of its Ireland’s Atlantic Margin licences FEL 2/13 and FEL 3/13 remains undiminished. A CPR by ERC Equipoise announced on 12 May 2015 identified gross mean un-risked prospective resources of 1.5 billion boe over three prospects in FEL 3/13. On 16 June 2015, the Company announced that its then 15% interest in FEL 3/13 had a net mean un-risked NPV10 of US$1.6 billion. Subject to Europa being reassigned a 100% interest in FEL 3/13, this net mean un-risked NPV10 will increase. Europa is the beneficiary of more than US$15 million expenditure across both blocks and Europa has enjoyed a free carry on most of this expenditure. Work done includes acquisition of a state of the art 2,565 km2 3D seismic survey in 2013, deliver...