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Gross Mean Un-risked Prospective Resources of up to 1.5 billion boe (net toEuropa 225 million boe) Identified by CPR on Irish Atlantic Margin Licence FEL 3/13
Europa Oil & Gas (Holdings) plc, the AIM quoted oil and gas company with a combination of producing and exploration assets in Europe, has announced the completion of a Competent Persons Report by ERC Equipoise Ltd on the Prospective Resources in Frontier Exploration Licence 3/13 located in the Porcupine Basin, offshore West Ireland. Europa holds a 15% interest in FEL 3/13, with the operator Kosmos Energy holding the remaining 85%.
Overview
* Europa’s in-house technical team has conducted its own independent prospect
mapping based on proprietary 3-D seismic data acquired in 2013 and which
was provided to ERCE, who have undertaken their own independent assessment
of the Prospective Resources associated with the Wilde, Beckett and Shaw
prospects
* The CPR details total gross un-risked mean Prospective Resources of 1.49
billion barrels of oil equivalent on FEL 3/13
*
+ Net 225 million barrels of oil equivalent to Europa
+ The CPR has upgraded Shaw, previously classified as a lead, into a
prospect with gross mean un-risked Prospective Resources of 315 mmboe
* Europa has identified both a prospect and shotpoint location for what would
be a play-opening first well in FEL 3/13 – Europa will review this with the
operator, Kosmos.
* New prospects and leads identified by Europa on FEL 2/13 at additional
stratigraphic levels to those previously identified by Kosmos in the
prospect inventory delivered to Europa in December 2014 – Europa is
consulting with Kosmos to advance these new prospects to a point where they
can be included in a complete CPR for FEL 2/13 – further announcements will
be made in due course
Europa’s CEO, Hugh Mackay said, “This CPR represents the culmination of substantial work by three very experienced technical teams: Kosmos, Europa and ERCE. The work has been subjected to robust and in-depth technical challenge. I have utmost confidence in the quality of the work and the Prospective Resources and risks derived from the work. The new CPR identifies gross mean un-risked Prospective Resources of approximately 1.5 billion barrels of oil equivalent across three prospects in FEL 3/13, with Europa’s 15% equity interest equating to net mean Prospective Resources of 225 million boe. These are very significant volumes of hydrocarbons.
“Europa considers the prospects to be at drillable prospect status and we will update the markets when the operator Kosmos provides more clarity with respect to drilling plans. This CPR provides a strong endorsement to our long held view that the Porcupine Basin has the potential to become a major new North Atlantic hydrocarbon province.”
