New Prospects Identified Offshore Ireland

Europa Oil & Gas (Holdings) plc updates shareholders with respect to its FEL 2/13 and FEL 3/13 licenses in the South Porcupine Basin, offshore Ireland.
 
Europa has now received a new prospect inventory from the operator of the licenses, Kosmos Energy Ltd.  The inventory is based on state of the art 3D seismic acquired in 2013 and includes the identification of a number of new, large prospects and leads on both licenses. As a result, material changes have been made to the prospectivity previously mapped on the licenses using historic 2D seismic data.  Europa is currently preparing relevant data to initiate work on a Competent Persons Report for completion in H1 2015.
 
License FEL 3/13
• Two prospects, named Beckett and Wilde, and one lead, Shaw, have been identified
• The new prospects have gross mean unrisked prospective resources of:
o             760 million barrels of oil (‘mmbo’) for Beckett
o             493 mmbo for Wilde
• These new prospects and leads replace the Kiernan prospect previously identified by Europa.

 

License FEL 2/13
• Two new prospects, Doyle A and Doyle B, have been identified
• Gross mean unrisked prospective resources of:
o             123 mmbo for Doyle A
o             69 mmbo for Doyle B
• These new prospects replace the Mullen prospect previously identified by Europa
 
Further seismic analysis work is now being conducted to provide a definitive prospect risking and ranking. It is expected that this work will be completed in H1 2015 and will enable a decision to be made regarding next steps on the licenses. This includes the possibility of detailed drilling planning and preparatory work to enable an exploration well to be drilled as early as 2016.