Europa Oil & Gas: New prospect inventory for LO 16/20, offshore Ireland

Highlights:

• Inishkea gross mean un-risked prospective gas resources of 1.5 trillion ft³.
• Chance of success estimated as 1 in 3.
• Site survey planned for summer 2019, targeting a well, subject to funding and regulatory consent, in 2020.
• Farm-in negotiations ongoing with a major oil and gas company in respect of three of Europa’s offshore Ireland licences, including LO 16/20 which holds Inishkea.

Europa's CEO, Hugh Mackay, said: “Our very detailed and thorough technical work confirms Inishkea to be a large, robust, low risk, gas prospect. The early promise we identified has been validated and the prospect has now been de-risked significantly. Inishkea’s location in a proven play, and close proximity to the nearby Corrib gas field and facilities informed our decision to elevate the prospect to flagship status. With 1.5 TCF of gross mean un-risked prospective gas resources, and a 33% chance of success, the prospect has exceeded our expectations.

“We will press on with our operational planning to enable a site survey in summer 2019 and a well targeting Inishkea, subject to funding and regulatory consent, in 2020. Since opening the farmout dataroom in December 2018 we have had several large oil companies review the prospect and we are updating them with this new information. Separately, our ongoing farm-in negotiations with a major international oil and gas company for three of our licences, FEL 1/17, FEL 3/13, and LO 16/20 which holds Inishkea are progressing. Subject to successful completion, Europa will have a clear line of sight to the drilling of a series of wells offshore Ireland, each of which has company-making potential.”

Read the article online at: https://www.oilfieldtechnology.com/exploration/26022019/europa-oil-gas-new-prospect-inventory-for-lo-1620-offshore-ireland/