Europa Oil & Gas (Holdings) Plc Update on offshore Ireland portfolio

 
TIDMEOG 
 
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 
 
24 May 2018 
 
          Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company') 
 
                     Update on offshore Ireland portfolio 
 
Europa Oil & Gas (Holdings) plc, the UK and Ireland focused exploration, 
development and production company, is pleased to provide the following update 
on its industry-leading and highly diversified portfolio of prospects across 
its seven licences and licensing options ('LO') in Atlantic Ireland, which 
covers three basins and six play types. This update includes the Company's 
flagship Inishkea prospects on LO 16/20 near the Corrib gas field in the Slyne 
Basin. 
 
Slyne Basin: LO 16/20 
 
Europa is concentrating its efforts on LO 16/20 which is immediately adjacent 
to the Corrib gas field and in particular to mature the Inishkea prospects to 
drill ready status.  3D seismic reprocessing to pre-stack depth migration 
('PSDM') commenced in March 2018 and is expected to be completed in Q4 2018 
with a drilling decision and drill location following shortly thereafter, 
subject to partnering and/ or funding. 
 
In parallel with the reprocessing project Europa has commissioned drilling and 
environmental specialists to engage with the various Irish regulatory agencies 
and establish the technical and regulatory pathways to enable Europa's flagship 
Inishkea prospects to be drilled with a target of 2019. 
 
The six gas prospects and leads in LO 16/20 that have been mapped by Europa on 
legacy 3D seismic data, are lower risk, in comparatively shallow water, close 
to gas infrastructure and with potential combined undiscovered gas initially in 
place (GIIP) of 2.5 TCF, represent a substantial volume of gas. 
 
South Porcupine Basin 
 
Technical work continues across Europa's four licences in the South Porcupine 
basin. PSDM reprocessing of 3D seismic over FEL 1/17, 3/13 and 2/13 has been 
completed on schedule and on budget.  Interpretation of the new data and 
creation of an updated prospect inventory is underway. The updated prospect 
inventory for FEL 3/13 will be announced during Q2 2018. FEL 1/17 and 2/13 will 
follow in due course. 
 
Slyne Basin: LO 16/21 
 
Following completion of the agreed work programme, including a full technical 
assessment, Europa has concluded that the prospectivity of its LO 16/21 in the 
Slyne Basin of Atlantic Ireland is limited. Europa believes that LO 16/21 would 
compete poorly with other prospects in Atlantic Ireland and is unlikely to 
attract drilling funds in the short to medium term. On this basis, Europa has 
decided to relinquish LO 16/21.  Relinquishment has been approved by the Irish 
Minister for Communications, Climate Action and Environment will become 
effective from 30 June 2018. 
 
Relinquishment of LO 16/21 will have no impact on the Europa portfolio with 
gross mean un-risked prospective resources across Europa's six licences 
remaining at 4.7 billion boe and 2.5 TCF undiscovered GIIP.  With six licences 
(five operated) and 4,986 km2 under licence Europa remains one of the leading 
companies in Atlantic Ireland. Further information on Europa's Irish portfolio 
can be found on its website https://bit.ly/2ws8KTL . 
 
Hugh Mackay CEO said: "Europa is focussed on taking the Inishkea prospects in 
LO 16/20 to drill ready status and is actively investigating the feasibility of 
drilling what could be a company-making exploration well in 2019 or 2020.  We 
will not hesitate to exercise technical and commercial judgement and 
rationalise the portfolio where required.  Having fulfilled our work programme 
on LO 16/21, we have elected to relinquish and concentrate our technical 
resources on the remaining six very high impact exploration licences in our 
Atlantic Margin portfolio.  We have one of the largest operated acreage 
positions in Atlantic Ireland built through first mover advantage against 
strong competition from the majors. We are working hard to maximise the value 
of this outstanding position and I look forward to updating our investors with 
progress towards this goal." 
 
The information communicated in this announcement contains inside information 
for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014. 
 
                                 * * 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 
 
Emily Morris      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 2017 Europa produced 113 boepd. Its highly prospective exploration projects 
include the Wressle development in the UK (targeting production start-up in 
2018 at 500 bopd gross) and six licences offshore Ireland with the potential to 
host gross mean un-risked prospective resources of 4.7 billion barrels oil 
equivalent and 2.5 tcf undiscovered GIIP across all six licences. 
 
 
 
END 
 

(END) Dow Jones Newswires

May 24, 2018 02:00 ET (06:00 GMT)