Europa Oil & Gas nearly doubles estimate of prospective resources on FEL 3/13, offshore Ireland

6/5/2018

LONDON -- Europa Oil & Gas, the UK and Ireland focused exploration, development and production company, is pleased to report its updated prospect inventory resulting in a near doubling of its estimate of gross mean un-risked prospective resources on FEL 3/13 in the South Porcupine basin, Atlantic Ireland, to 2.9 Bboe.

Highlights

  • 93% increase in estimated combined gross mean un-risked prospective resources on FEL 3/13 to 2.9 Bboe
  • Marked improvement in seismic quality and a substantial uplift to FEL 3/13 prospect inventory following completion of pre-stack depth migration (PSDM) reprocessing of 3D seismic data originally acquired in 2013
  • Confirmation and verification of the Beckett, Shaw and Wilde prospects at FEL 3/13:
    • Beckett and Shaw previously described as “single cycle events” but now defined as a fan sequence comprising multiple fan cycles (250-325 m gross)
    • Beckett and Shaw mapped as much thicker and extending over a much wider area than originally thought – almost doubling estimated volumes
    • Wilde prospect more confidently defined based on seismic detail on the internal architecture of the fan

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.

Detailed interpretation of the new reprocessed data has been completed over FEL 3/13 on the east flank of the South Porcupine Basin, resulting in a marked improvement in seismic quality and a substantial uplift to the prospect inventory.

During 2016, based on the 2013 3D seismic data, Europa released a Competent Persons Report that identified combined gross mean un-risked prospective resources of 1.5 Bboe 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 Bboe. These are Europa in-house estimates.

The largest uplift is in the volumes for prospects Beckett and Shaw. These were previously described as “single cycle events”. The new PSDM clearly defines a fan sequence comprising multiple fan cycles (250-325 m gross) and is not only much thicker than previously mapped but is also interpreted to extend over a wider area. As consequence the estimated volumes have almost doubled.

The increase on prospect Wilde is more modest. 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.

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. These will be reported in due course. The farm-out data room for all three Europa-operated South Porcupine licences will open during mid-2018.

As previously reported the new 3D seismic data acquired in 2017 over LO 16/19 on the west flank of the South Porcupine basin (Cairn operated, Europa 30%) is being processed by TGS and the final product is anticipated during H2 2018.

The same team at seismic contractor Down Under Geosolutions (DUG) that was responsible for the South Porcupine reprocessing reported in this RNS is also responsible for the ongoing LO 16/20 PSDM 3D seismic reprocessing over the Company’s flagship Inishkea gas prospects in the Slyne Basin near the Corrib gas field. The Company’s South Porcupine PSDM reprocessing has proved very successful and the Board are therefore hopeful for similar results for Inishkea.

Related News ///

FROM THE ARCHIVE ///

Comments ///

comments powered by Disqus