Europa Oil & Gas Sees Potential Hydrocarbon Fields Off SW Ireland

PUBLISHED: 19 Sep 2012 @ 21:00 | Comments (0) | More info about Kenneth G. Mondero

AIM-quoted exploration and production company, Europa Oil & Gas Holdings plc (LSE:EOG) may have found two potential hydrocarbon fields in the Irish Atlantic Margin and is now looking for potential partners to explore the said area, the firm said today.

The company issued the statements following a technical update on its 100% owned, 2,000-square kilometre acreage, located 150 kilometres south west of Ireland in the Atlantic Ocean.

In a statement, Chief Executive Officer, Hugh Mackay stated the initial assessment brought results that exceeded the company’s expectations.

2D seismic data mapping showed a possibility that hydrocarbons may be trapped within large stratigraphic structures of up to 120 square kilometres and 244 sq. kms. for Mullen and Kiernan prospects, respectively.

Europa is now re-processing key seismic lines over the two prospects and will be employing rock physics and 2D inversion study to calibrate the seismic response, the firm said.

“The size of these structures is tremendously exciting and warrants further priority investigation,” Mr. Mackay added.

“We have embarked on a work programme that will provide volumetric estimates in due course and further mature the technical case of these prospects.”

The news was well receive in London as over two million shares were traded by 9:00 AM GMT, an hour after the market opened, with Europa shares topping the list of greens after gaining 27.3% to 7 pence.

It has been a while since the company provided an update about its exploration across Europe, where it chose to focus its operations. The last update the company provided for an exploration programme was nearly a year ago on October 2011.

Currently, Europa is on the appraisal stage of developing a gas field in onshore France estimated to have a neat mean content resource of about 277 billion cubic feet of gas, based a third party competent leve my own.

“I look forward to providing the market with further updates on our progress in due course as we look to deliver on our goal to generate substantial value for shareholders,” Europa closed the conversation.

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