Europa Oil & Gas (holdings) Plc · LSE:EOG
Europa Oil & Gas (holdings) — PROSPEX 2012
33 slides from Europa Oil & Gas (holdings)'s conference presentation, Dec 13, 2012
Slide 1: Prospects 2 Go: Mullen prospect, LO 11/7 & Kiernan prospect, LO 11/8
PROSPEX 2012 Prospects 2 Go Mullen prospect, LO 11/7 & Kiernan prospect, LO 11/8 Hugh Mackay Europa Oil & Gas www.europaoil.com 12th & 13th December 2012
Slide 2: Europa Oil & Gas plc company description
Europa Oil & Gas plc is an AIM listed oil and gas exploration and production company with a significant portfolio of multi-stage hydrocarbon assets focussed on the UK, France and the Irish Atlantic Margin
Slide 3: Board of Directors
Board of Directors Hugh Mackay Hugh Mackay, a geologist, joined Europa in 2011. He has a wealth of experience in the oil and gas sector, including eight years CEO at BP in a variety of roles in the UK, the Oman and Egypt, then at Enterprise Oil in leadership roles, culminating as head of the SE Asia
Slide 4: Portfolio
Portfolio “Our portfolio has three core areas : UK, France and Ireland” 1) UK - production and exploration low risk/modest reward 2) France - gas appraisal low risk/moderate reward 3) Ireland - frontier oil exploration high risk/high reward The Irish Atlantic Margin East Midlands Oilfields and Explo
Slide 5: Three Core Areas
Three Core Areas Mean NAV £million RB wn Oo b f=} o 50 10% Europa Dec 2012 Value vs Risk bubble size net mean risked resource mmboe 15% 20% 25% Certainty of delivery Ye 30% 35% @ UK © France @ Ireland EOG Portfolio 40% * * * * EUROPA Oil & Gas *
Slide 6: Portfolio Perspective
Portfolio Perspective Mean NAV £million a= So oO 50 5% 10% Europa Dec 2012 Value vs Risk bubble size net mean risked resource mmboe a 15% 20% 25% Certainty of delivery Y 30' @ % 35% @ UK © France @ Ireland @ EOG Portfolio 40% * * * * EUROPA Oil & Gas *
Slide 7: Location
Location 200km • South Porcupine Basin, virtually unexplored • 100% equity in two licence options LO 11/7 and LO 11/8 • Large Lower Cretaceous clastic prospects with amplitude support – Proven play at Burren (North Porcupine), flowed oil – Potentially very large volumes • Excellent fiscal terms (25-
Slide 8: Licence details
Licence details 200km • Two separate License Options • LO 11/7 & LO 11/8 • ~ 1000 km2 each • 100% Europa • License Option – 1Nov 11 – 31 Oct 13 • Apply for Frontier Exploration Licence – Relinquish minimum 25% LO 11/7 – 15 years duration LO 11/7 – 1 phase of 3 years followed by 3 phases of 4 years e
Slide 9: Porcupine Basin Water Depth (m)
Porcupine Basin Water Depth (m) Burren Lower Cretaceous oil discovery ~375 bopd Dunquin Middle Cretaceous Carbonate prospect 8.4 TCF + 316 MMBO drill Q1 2013 LO 11/7 Mullen Lower Cretaceous play Line of section 800m-1400m water depth, limit of fixed platform LO 11/8 Kiernan Lower Cretaceous play 140
Slide 10: South Porcupine Basin Cross Section
South Porcupine Basin Cross Section NW SE Paleocene Play Dunquin play on ‘PMVR’ Mullen Kiernan Aptian play Valanginian (West) play (East) Jurassic Pre-rift plays Jurassic Pre-rift plays PMVR: Porcupine Median Volcanic Ridge Cross-section courtesy of PhysicalGeo Limited
Slide 11: Line PSB97-08 LO 11/7 Mullen Plays
Line PSB97-08 LO 11/7 Mullen Plays Paleocene Play Aptian Play Mullen Pre rift Jurassic Play Barremian Play? 11/07 Seabed response Polarity : black peak decrease in acoustic impedance Data shown courtesy of TGS and WesternGeco
Slide 12: Line PSB97-50 LO 11/8 Kiernan Plays
Line PSB97-50 LO 11/8 Kiernan Plays Valinginian Play Pre rift Jurassic Plays Kiernan Seabed response 11/08 Polarity : black peak decrease in acoustic impedance Data shown courtesy of TGS and WesternGeco
Slide 13: Reservoir
Reservoir • Lower Cretaceous sands of the Mullen (West) and Kiernan (East) prospects are deposited as deepwater turbidite channels • Coincident with local uplift events on the basin margins 1. Kiernan (East) is fed by a Valanginian channel, immediately above the Base Cretaceous Unconformity (145my,
Slide 14: Base Cretaceous Depth map (m)
Base Cretaceous Depth map (m) • Combined map of Late Cimmerian Unc. and PMVR structure. 35/30-1 • Arrows indicate possible Lower Cretaceous sand provenance directions ‘PMVR’ – From Porcupine High in West – From Munster basin (ORS) in East 150km
Slide 15: Mullen – Jurassic source maturity
Mullen – Jurassic source maturity Top Jurassic maturity 35 My Top Jurassic maturity 0 My Mullen Mullen LO 11/7 LO 11/7
Slide 16: Mullen – Cretaceous source maturity
Mullen – Cretaceous source maturity Lower Cretaceous maturity 35 My Lower Cretaceous maturity 0 My Mullen Mullen LO 11/7 LO 11/7
Slide 17: Sea Bed - Base Tertiary isopach (m)
Sea Bed - Base Tertiary isopach (m) • Tertiary isopach illustrates variable thickness of overburden between the north and south – 2000m in South Porcupine vs up to 4000m in the North Porcupine – As a consequence source rocks will be less buried and may spend longer in potential maturation window dep
Slide 18: Mullen Aptian Depth Map (m)
Mullen Aptian Depth Map (m) Strike Line Geological section P1 closure P50 closure P90 closure Dip Line Jurassic Play Fairway 43/13-1 LO 11/7
Slide 19: Geoseismic Sections: Mullen Dip Line
Geoseismic Sections: Mullen Dip Line W E MULLEN PROSPECT Barremian shales
Slide 20: Geoseismic Section: Mullen Dip Line
Geoseismic Section: Mullen Dip Line W E MULLEN PROSPECT Mid Aptian Unconformity and correlative conformity Barremian shales
Slide 21: Geoseismic Section: Mullen Dip Line
Geoseismic Section: Mullen Dip Line W E MULLEN PROSPECT Lateral/Updip pinch out of turbidite sandstone reservoir Mid Aptian Unconformity and correlative conformity Barremian shales Deposition of Mid-Late Aptian turbidite reservoir
Slide 22: Geoseismic Section: Mullen Dip Line
Geoseismic Section: Mullen Dip Line W E MULLEN PROSPECT Development of Late Aptian- Early Albian marine mudstone top seal Lateral/Updip pinch out of turbidite sandstone reservoir Mid Aptian Unconformity and correlative conformity Barremian shales Deposition of Mid-Late Aptian turbidite reservoir
Slide 23: Geoseismic Section: Mullen Strike Line
Geoseismic Section: Mullen Strike Line N S MULLEN PROSPECT Barremian shales
Slide 24: Geoseismic Section: Mullen Strike Line
Geoseismic Section: Mullen Strike Line N S MULLEN PROSPECT Mid Aptian Unconformity and correlative conformity Barremian shales
Slide 25: Geoseismic Section: Mullen Strike Line
Geoseismic Section: Mullen Strike Line N S MULLEN PROSPECT Lateral/Updip pinch out of turbidite sandstone reservoir Mid MidAptian AptianUnconformity Unconformity and correlative conformity Lateral pinch out Barremian shales of turbidite Deposition of Mid-Late sandstone Aptian turbidite reservoir res
Slide 26: Geoseismic Section: Mullen Strike Line
Geoseismic Section: Mullen Strike Line N S MULLEN PROSPECT Lateral/Updip pinch out of Development of Late Aptian-Early Albian marine turbidite mudstone top seal sandstone reservoir Mid MidAptian AptianUnconformity Unconformity and correlative conformity Lateral pinch out Barremian shales of turbidit
Slide 27: Geoseismic Section
Geoseismic Section MULLEN PROSPECT Mid Aptian Unconformity and correlative conformity 43/13-1
Slide 28: Analogues- African transform margin
Analogues- African transform margin Cretaceous turbidite sandstones in stratigraphic traps
Slide 29: Mullen Volumetrics and Resources
Mullen Volumetrics and Resources P90 Geo P50 amp P10 Geo GRV m3 x106 890 3,980 11,099 Resources mmbbl 66 318 1,092 Mean resources 482 mmbbl Closure defined by structural and stratigraphic mapping Amplitude supported closures
Slide 30: Prospect Reserve Size Cut-off for Porcupine Basin
Prospect Reserve Size Cut-off for Porcupine Basin Derisk with 3D Current position Basin immaturity (and risks) suggests minimum drillable prospect size is around 200 mmbbl despite lenient fiscal regime
Slide 31: De-risking
De-risking • Objective – mature prospect to drillable status • Current work integrate 2D reprocessed data • Further work: – Undertake more reprocessing to support geophysical studies – Rock physics and AVO studies – Build business case for 3D survey – Aim to de-risk prospect through conformance, fla
Slide 32: Farmout
Farmout • Europa has 100% equity in L0 11/7 and 11/8 • Objective is to accelerate exploration in both licences • Seeking a joint venture partner to share seismic acquisition and (if justified) drilling • Data room opens in January
Slide 33: For further information contact
For further information contact: Europa Oil & Gas (Holdings) PLC 6 Porter Street London W1U 6DD UK Telephone +44 20 7224 3770 mail@europaoil.com www.europaoil.com