Europa Oil & Gas (Holdings) Plc 4 New Prospects Identified on Offshore Ireland Licence

 
TIDMEOG 
 
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 
 
27 April 2017 
 
          Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company') 
 
     Four Significant New Prospects Identified on Offshore Ireland Licence 
 
Europa Oil & Gas (Holdings) plc, the AIM traded, UK and Ireland focused, oil 
and gas exploration, development and production company, is pleased to provide 
a technical update on its Frontier Exploration Licence 2/13 ('FEL 2/13' or 'the 
Licence') located on the west flank of the South Porcupine Basin, offshore 
Atlantic Ireland. Europa's new work has focussed on deeper prospectivity than 
previously investigated. A number of new prospects and leads have been 
identified, of which the Company believes four are significant. Initial 
volumetrics on two of these new targets exceed the 200 million boe threshold 
Europa regards as the minimum economic field size in Atlantic Ireland. Combined 
gross mean un-risked indicative and prospective resources for the Licence now 
stand at 1.12 billion boe across nine oil prospects and 3.7 TCF gas in a 
Triassic prospect. 
 
New prospect "Kilroy" is a lowermost Cretaceous slope apron deposit broadly 
time-equivalent to Europa's "Wilde" prospect in FEL 3/13. It appears to be 
optimally located for the Lower Cretaceous/Upper Jurassic source system 
identified by well 43/13-1 and implied by the Dunquin (44/23-1) well. "Keane" 
is a syn-rift lead with AVO expression down-dip of oil-bearing sand stringers 
in 43/13-1. "Kiely" is a Middle Jurassic tilted fault block prospect in the 
south-east of the Licence. This same fault block has Triassic gas prospectivity 
at depth (Prospect "A-Tr"). 
 
Previously Europa had identified four prospects: Doyle A, Doyle B, Doyle C and 
Heaney with gross mean un-risked indicative and prospective resources of 
595mmboe. Following new seismic attribute work, Europa has subdivided Doyle A 
into three separate prospects, strung out along the axis of the Doyle A slope 
channel system. These are now separately identified as the west, central and 
east targets. Doyles B and C have not been revised at this stage. Prospect 
Heaney has been eliminated. 
 
                                             Gross mean un-risked indicative 
                                            and prospective resources million 
                                                           boe 
 
 Prospect/Lead          Play                 Low     Best     High     Mean 
 
Doyle A - west  Cretaceous slope      Oil   12     38       115      54 
                channel 
 
Doyle A-        Cretaceous slope      Oil   16     51       149      70 
central         channel 
 
Doyle A - east  Cretaceous slope      Oil   36     110      327      154 
                channel 
 
Doyle B         Cretaceous slope      Oil   22     76       264      119 
                channel 
 
Doyle C         Cretaceous slope      Oil   12     44       155      71 
                channel 
 
Kilroy Prospect Cretaceous slope      Oil   18     85       369      159 
                apron 
 
Keane Lead      Late syn-rift AVO     Oil   25     117      498      217 
 
Lead F          Early Syn-rift        Oil   4      23       102      44 
 
Kiely Prospect  Middle Jurassic       Oil   18     104      553      236 
                tilted fault block 
 
                                      Total oil                      1124 
 
                                             Gross mean un-risked indicative 
                                              and prospective resources bcf 
 
   Prospect             Play                 Low     Best     High     Mean 
 
A-Tr            Triassic              Gas   304    2016     8981     3640 
 
Further technical work is required to de-risk these prospects and leads and to 
upgrade them to drillable prospect status. This will involve reprocessing the 
existing 3D seismic to deliver a pre-stack depth migration product, followed by 
detailed geophysical and geological interpretation. 
 
In tandem with this work, Europa continues to talk to potential partners with 
regards to farming-out an interest in FEL2/13, as part of the Company's 
strategy to farm-out its leading licence position offshore Ireland.  This 
comprises seven licences covering 5,818 sq km, six play types, three basins, 
and twenty prospects and leads which potentially hold gross mean unrisked 
resources of more than 4 billion barrels of oil equivalent and 1.5 TCF of gas 
(Europa estimates). In line with the farm-out strategy, on 8 March 2017 Europa 
announced an agreement 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. 
 
Europa CEO Hugh Mackay said, "Our 3D seismic data continues to be a very 
powerful tool with which to understand the geology, structure and petroleum 
systems in the South Porcupine basin. Whilst we entered the basin in 2011 
inspired by the Cretaceous fan play our understanding continues to evolve and 
in addition to the Cretaceous we have identified new plays in the Cretaceous 
shelf and slope, syn-rift, post-rift and Triassic. Given that we are at a very 
early stage in a large and underexplored basin, we believe it is beneficial to 
have exposure to a diversified portfolio of play types, hopefully all or some 
of them will prove successful. 
 
"The next phase of work on this licence will involve reprocessing the existing 
3D seismic to deliver better definition, better depth control and to enable 
de-risking sufficient to upgrade the prospects to drill-ready status. Atlantic 
Ireland is about to enter a drilling phase, which we believe may be sustained 
over several years.  Our objective is to deliver six drill ready prospects with 
which to trail blaze or fast follow to success.  All our drill ready prospects 
will be potential company makers." 
 
                                 * * ENDS * * 
 
For further information please visit 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. Its highly prospective exploration 
projects include the Wressle oil development in the UK and seven licences 
offshore Ireland with the potential to host gross mean un-risked prospective 
and indicative resources of more than 4 billion barrels oil equivalent and 1.5 
TCF gas across all seven licences. In 2016 Europa produced 123 boepd from its 
portfolio of onshore UK licences. 
 
Qualified Person Review 
 
This release has been reviewed by Hugh Mackay, Chief Executive of Europa, who 
is a petroleum geologist with 30 years' experience in petroleum exploration and 
a member of the Petroleum Exploration Society of Great Britain, American 
Association of Petroleum Geologists and Fellow of the Geological Society. Mr 
Mackay has consented to the inclusion of the technical information in this 
release in the form and context in which it appears. 
 
 
 
END 
 

(END) Dow Jones Newswires

April 27, 2017 02:00 ET (06:00 GMT)