Europa Oil & Gas (Holdings) PLC Extension of 100%-owned offshore Ireland Licences

 
TIDMEOG 
 
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 
 
02 August 2016 
 
          Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company') 
 
      Extension of 100%-owned FEL 2/13 and 3/13 offshore Ireland Licences 
 
Europa Oil & Gas (Holdings) plc, the AIM quoted oil and gas exploration, 
development and production company focused on Europe, is pleased to announce it 
has received notification from the Department of Communications, Climate Action 
and Environment ('DCCAE') that Phase 1 of Frontier Exploration Licences ('FEL') 
2/13 and 3/13 in the South Porcupine Basin has been extended by one year to 4 
July 2017.  This will allow Europa to mature existing prospects and perform 
detailed mapping of all potential prospective levels on both licences, 
including the Pre-Rift, Syn-Rift and Tertiary plays, whilst it continues to 
seek a farm out partner for drilling. 
 
Based on 2,500km2 of proprietary 3D seismic data, which was acquired in 2013, 
Europa has mapped gross mean un-risked Prospective Resources of approximately 
1.5 billion barrels of oil equivalent ('boe') in FEL 3/13 in three early 
Cretaceous submarine fan prospects and 595 million boe in FEL 2/13 in early 
Cretaceous turbidite channel prospects.  Charged by mature Late Jurassic and 
Early Cretaceous source rocks and contained in stratigraphic traps with 
elements of structural closure, these reservoirs are analogous to the 
Cretaceous play in the equatorial Atlantic Margin province which has delivered 
the Jubilee and Mahogany oil fields. 
 
The 12 month extension for both licences will also enable the Company to 
undertake further technical analysis and mapping of potential Pre-rift and 
early Post-rift plays, and also generate regional paleo-geographic models for 
the Pre-Rift, Syn-Rift and Tertiary that will enable reservoir development and 
reservoir quality to be predicted. 
 
Europa has also already mapped three Pre-rift prospects in Licensing Option 
('LO') 16/2 with combined gross mean unrisked prospective resources of 895 
mmboe, as previously announced on 12 February 2016 and 2 March 2016.  LO 16/2 
adjoins the eastern boundary of FEL 3/13 and both licences are covered by 
Europa's proprietary 3D seismic acquired in 2013.  The Company believes that at 
least one of the Pre-rift prospects in LO 16/2 extends into FEL 3/13. 
 
Europa CEO Hugh Mackay said, "Recent discoveries offshore Newfoundland and 
Senegal, backed up by our own technical analysis of our proprietary 3D seismic, 
demonstrate the clear potential for both FEL 2/13 and 3/13 to hold new 
exploration plays and new exploration prospects, in addition to the Cretaceous 
play that we have already identified.  Thanks to this 12 month extension, we 
can now investigate these further, with the aim of securing a farm out partner 
for drilling.  Having already mapped combined gross mean un-risked prospective 
resources of over 2 billion boe on our 100% owned FELs 2/13 and 3/13, the 
Cretaceous play clearly has high exploration potential.  We believe there is 
scope to further enhance this potential with additional plays in the Syn-rift, 
Pre-rift and Tertiary.  Whilst we hope that all of these plays are proved 
successful in the South Porcupine basin by drilling, at this early stage in the 
exploration of a frontier basin, it is beneficial to have a diversity of plays 
in our portfolio.  I look forward to providing further updates on our progress 
not just on these two blocks, but across all seven of our licences offshore 
Ireland." 
 
Atlantic basin portfolio 
 
Europa has seven licences in three basins in the Atlantic basins offshore 
Ireland with combined gross mean un-risked prospective and indicative resources 
of more than 4 billion boe and 1.5 tcf gas. 
 
                                             gross mean un-risked 
                                               prospective and 
                                             indicative resources 
 
Licence  Europa   area km2 Basin     Term     Oil       Gas TCF 
         equity                              millon 
                                              boe 
 
FEL 2/13 100%       768    South     Phase    595 
         operator          Porcupine 1 of 
                                     15 yr 
 
FEL 3/13 100%       782    South     Phase   1,500 
         operator          Porcupine 1 of 
                                     15 yr 
 
LO 16/2  100%       523    South     2 yr     895 
         operator          Porcupine 
 
LO 16/19 100%       976    South      2 yr    700 
         operator          Porcupine 
 
LO 16/20 100%       945    Slyne     3 yr                  1 
         operator          Basin 
 
LO 16/21 100%       832    Slyne     3 yr                 0.5 
         operator          Basin 
 
LO 16/22 100%       992    Padraig   3 yr     500 
         operator 
 
 
          total    5,818                    4,190         1.5 
 
A map can be found on Europa's website detailing the location of all seven of 
Europa's offshore Ireland licences.  Please click on the link below or copy and 
paste this into your browser: http://www.europaoil.com/documents/ 
160607EuropaIrishLicences_002.pdf. 
 
An updated concession map can be found on the DCCAE website at:  http:// 
www.dccae.gov.ie/natural-resources/SiteCollectionDocuments/ 
Oil-and-Gas-Exploration-and-Production/A0_Concession_Map_Jul2016.pdf. 
 
                                 * * ENDS * * 
 
For further information please visit http://www.europaoil.com/ or contact: 
 
Hugh Mackay       Europa                        + 44 (0) 20 7224 
                                                3770 
 
Phil Greenhalgh   Europa                        + 44 (0) 20 7224 
                                                3770 
 
Matt Goode        finnCap Ltd                   + 44 (0) 20 7220 
                                                0500 
 
Simon Hicks       finnCap Ltd                   + 44 (0) 20 7220 
                                                0500 
 
Frank Buhagiar    St Brides Partners Ltd        + 44 (0) 20 7236 
                                                1177 
 
Susie Geliher     St Brides Partners Ltd        + 44 (0) 20 7236 
                                                1177 
 
Notes 
 
Europa Oil & Gas (Holdings) plc has a diversified portfolio of multi-stage 
hydrocarbon assets that includes production, exploration and development 
interests, in countries that are politically stable, have transparent licensing 
processes, and offer attractive terms.  In 2015 Europa produced 141 boepd.  Its 
highly prospective exploration projects include the Wressle development 
(targeting production start-up later in 2016 at up to 500 bopd gross) in the 
UK; 100% owned gas exploration prospect (107 bcf) and appraisal project (CPR 
277 bcf) in onshore France, a joint venture with Vermilion Energy also in 
onshore France; and seven licences offshore Ireland with the potential to host 
gross mean un-risked resources of more than 4 billion barrels oil and 1.5 tcf 
gas across all seven licences. 
 
 
 
END 
 

(END) Dow Jones Newswires

August 02, 2016 02:00 ET (06:00 GMT)