Europa nearly doubles Irish prospect estimates

Europa Oil & Gas has nearly doubled its estimate of gross mean un-risked prospective resources on FEL 3/13 in the South Porcupine Basin, Atlantic Ireland, to 2.9 billion barrels of oil equivalent (boe).

In a statement on Tuesday Europa reported a 93% increase in estimated combined gross mean un-risked prospective resources on FEL 3/13 to 2.9 billion barrels of oil equivalent (boe).

Europa has recently completed pre-stack depth migration (PSDM) reprocessing of 3D seismic data originally acquired in 2013 over the FEL 1/17, FEL 2/13 and FEL 3/13 licences in South Porcupine Basin, Atlantic Ireland. Europa has 100% interest in, and is operator of, all three licences.

Previously, Europa had identified combined gross mean un-risked prospective resources of 1.5 billion boe for three Cretaceous fan prospects: Beckett, Shaw and Wilde in FEL 3/13.

The updated prospect inventory, based on the 2018 PSDM reprocessed 3D seismic data, has further confirmed and verified the Beckett, Shaw and Wilde prospects. The combined gross mean un-risked prospective resources across the three prospects is now estimated to be 2.9 billion boe.

Namely, Beckett and Shaw were previously described as “single cycle events” but are now defined as a fan sequence comprising multiple fan cycles (250-325m gross). Beckett and Shaw are mapped as much thicker and extending over a much wider area than originally thought – almost doubling estimated volumes.

The increase on prospect Wilde is more modest. According to the company, the area of the fan has in fact been reduced, but it is much more confidently defined. Seismic detail on the internal architecture of the fan has given the company confidence to increase its prediction of the thickness of sandstone which might be present, and there is now seismic evidence for a fault which supports the case for up-dip seal, Europa stated.

Hugh Mackay, Europa CEO, said: “In FEL 3/13 we are seeing the first fruits of Europa’s major investment in 3D seismic data reprocessing in Atlantic Ireland. The size of the prize in FEL 3/13 has nearly doubled from 1.5 to 2.9 billion boe. Confidence in, and definition of, the Wilde prospect has increased significantly, whilst our new understanding of the size and thickness of the Beckett-Shaw fan-system has had a transformative effect on estimated volumes. Wilde remains the lowest-risk prospect from both source and seal viewpoints.

He added: “We are also confident that a drill location on Wilde will be optimised which would also test the larger volumes we have identified on Beckett. Europa intends to launch a farm-out process for FEL 3/13 once we have brought our other Porcupine licences (FEL 2/13 and FEL 1/17) to the same level of evaluation and we expect to make an announcement on this in the next few months.”

The Europa technical team is currently interpreting the 2018 reprocessed 3D seismic data over FEL 2/13 and FEL 1/17. The quality of the underlying 2018 reprocessed 3D seismic data is, again, a significant improvement on the 2013 data.

As a result, the company expects to have increased confidence in the resultant prospect inventories. The farm-out data room for all three Europa-operated South Porcupine licences will open during mid-2018.


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