Business
Update on three Offshore Ireland licences
Update on three Offshore Ireland licences.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \nThe information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.\n\nEuropa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas\n\n19 June 2017\n\nEuropa Oil & Gas (Holdings) plc (‘Europa’ or ‘the Company’)\n\nUpdate on three Offshore Ireland licences\n\nEuropa Oil & Gas (Holdings) plc, the AIM traded, UK and Ireland focused, oil and gas exploration, development and production company, is pleased to announce Irish Government consent has been received for the extension of Phase 1 of Frontier Exploration Licences (‘FEL’) 2/13 and 3/13 by two years to 4 July 2019. This follows Europa’s agreement to certain provisions attached to the extensions. The Irish Government has also approved an application to convert Licensing Option (‘LO’) 16/2 to a Frontier Exploration Licence (‘FEL 1/17’). Execution of the relevant documentation is currently underway. Europa has a 100% interest in all three licences which are located in the South Porcupine basin, offshore Ireland.\n\nClick on the link to view a map http: //www.europaoil.com/OperationsIreland.aspx\n\nThe work programmes on all three licences will include Pre-Stack Depth Migration (‘PSDM’) of 3D seismic data which was previously acquired in 2013. The objective of this work is to mature existing prospects and leads, particularly in the pre-rift and syn-rift plays, to drill ready status. The work may also de-risk existing drill-ready prospects in the Cretaceous fan play. PSDM reprocessing over FEL 3/13 and LO 16/2 (to become FEL 1/17) has commenced,and a similar programme of work over FEL 2/13 is in preparation, all funded by our recent Placing and Open Offer.\n\nGross mean un-risked Prospective Resources associated with these licences are tabulated below:\n\n\n\nLicence\nNo. of prospects & leads\nGross mean un-risked prospective resources mmboe\nComment\n\n\n\nFEL 3/13\n3\n1,492\nCPR ERC Equipoise\n\n\n\nLO 16/2\n3\n898\nERC CPR & in-house\n\n\n\nFEL 2/13\n9\n1,124\nEuropa in-house\n\n\n\nEuropa CEO Hugh Mackay said, “Following government approval we will immediately start the work programmes on these licences in the South Porcupine basin. PSDM reprocessing work is already underway to mature pros...