Business
US$6m Farm-Out of Ireland Licence to Cairn Energy
US$6m Farm-Out of Ireland Licence to Cairn Energy.
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\n08 March 2017\n\nEuropa Oil & Gas (Holdings) plc (‘Europa’ or ‘the Company’)\n\n US$6 million Farm-Out of Offshore Ireland Licence to Cairn Energy\n\nEuropa Oil & Gas (Holdings) plc, UK and Ireland focussed exploration, development and production company, is pleased to announce that it has signed a Farm-Out Agreement (`FOA') with a wholly owned subsidiary of leading operator Cairn Energy PLC Group (LSE: CNE) in relation to a 70% interest in and operatorship of Licensing Option 16/19 (‘LO 16/19’ or the ‘Licence’). Europa will retain a 30% interest in the Licence, which is located on the Western flank of the South Porcupine Basin, offshore Ireland. Click on the link to view a map http://www.europaoil.com/OperationsIreland.aspx\n\nThe FOA, which is subject to Irish Government approval, has been signed with Capricorn Ireland Limited (‘Capricorn’), a fully owned entity of Capricorn Energy Limited which is a wholly owned subsidiary of Cairn Energy PLC. \n\nEuropa to be fully carried on US$6million work programme\n\n\nCapricorn to fund a US$6 million work programme, which includes the acquisition, processing, and interpretation of 3D seismic, to acquire a 70% interest in and operatorship of LO 16/19\n\n3D seismic to be acquired in 2017 and processed product will be delivered in 2018 \n\n\nFuture exploration will be based on the results of detailed prospect mapping work\n\n\n\nEuropa will fund its 30% interest in LO 16/19 on completion of the fully carried work programme\n\n\nExisting data indicates presence of Cretaceous submarine fans on LO 16/19\n\n\nEuropa previously provided a technical update on LO 16/19 on 18 July 2016 http://www.europaoil.com/documents/160718LO16_19technicalupdate.pdf\n\nLO 16/19 is covered by a sparse grid of 2D seismic and whilst detailed prospect mapping is not possible, Europa’s proprietary 3D in its adjacent Frontier Exploration Licence (‘FEL’) 2/13 is interpreted to contain Cretaceous submarine channels feeding submarine fans in LO 16/19\n\nThe Directors believe that LO 16/19 holds Cretaceous fans similar to those developed in Europa’s 100% owned FEL 3/13 where three prospects have been identified with combined gross mean un-risked prospective resources of ...