Europa Oil & Gas (Holdings) publishes new offshore Ireland concession map

Europa Oil & Gas (Holdings) plc, has noted that Ireland’s Department of Communications, Energy and Natural Resources (‘DCENR’) has published a new concession map to reflect the Phase 2 awards of the 2015 Atlantic Ireland licensing round. During Phase 2, Europa was awarded four new licensing options (‘LOs’) in the South Porcupine Basin, the Padraig Basin and the Slyne Basin, increasing the total number of offshore licenses operated by the company to seven. The map can be found on the DCENR website at: http://www.dcenr.gov.ie/natural-resources/SiteCollectionDocuments/Oil-and-Gas-Exploration-and-Production/A0_Concession_Map_Jul2016.pdf

Detailed within this new concession map in the South Porcupine Basin are Europa’s Frontier Exploration Licence (‘FEL’) 2/13 and LO 16/19, which are bounded in the north by Capricorn Ireland Limited in LO 16/18 (a subsidiary of Cairn Energy) and to the east by Providence Resources in LO 16/27. Also in the South Porcupine, Europa’s FEL 3/13 and LO 16/2 are bounded to the south by Woodside Energy in LO 16/14, which has recently completed a 1600 km2 3D seismic survey on this licence, and to the north by AzEire Limited in LO 16/17 and Petrel Resources in LO 16/25.

Also detailed on this new concession map in the Slyne Basin is Europa’s LO 16/21 which is bounded to the south by Faroe Petroleum (U.K.) Limited in LO 16/23 and Europa’s LO 16/20 which is bounded to the south by Predator Oil & Gas Ventures Limited in LO 16/26.

Europa CEO Hugh Mackay said:

“Our priority in the short term is to secure a farm-in partner for our South Porcupine licences with whom we can drill one or more of the drill-ready prospects we have already identified using our state of the art 3D seismic. Publication of this map is therefore important as it provides potential farminees with clarity on the licence holding situation. Many of our neighbours are strong companies who have already undertaken, or will be undertaking, significant exploration programmes including 3D seismic and exploration drilling which will enhance technical and commercial appreciation of the basin and Europa’s licences.

“The entry of majors and supermajors and the commitment to substantial work programmes sends a clear signal to the global oil industry that Ireland’s Atlantic Margin is an exploration hotspot. This is an enviable position given low oil prices and low levels of exploration activity elsewhere in the world. Europa has a leading position in offshore west Ireland with seven high impact licences containing a combined 4 billion boe and 1.5 TCF of gross mean un-risked indicative and prospective resources. I look forward to providing the market with updates regarding our farm-out process in due course.”

Read the article online at: https://www.oilfieldtechnology.com/exploration/12072016/europa-oil-gas-holdings-publishes-new-offshore-ireland-concession-map/