Europa Oil and Gas plc is offering interested parties to farm-in to Licence Option (LO) 16/20. Europa has identified 3 Tcf undiscovered GIIP on LO 16/20 in the Triassic and Jurrasic gas hydrocarbon play.Â In February 2019, Europa announced an updated gross mean un-risked prospective resource estimate of 1.5 Tcf for the Inishkea prospect with a 33% chance of success. Furthermore, subject to meeting commercial and regulatory criteria, Europa have a site survey planned for summer 2019 for an exploration well (18/20-H) to be drilled on the Inishkea prospect in 2020. The company is currently progressing farm-in negotiations with a major oil and gas company for licences LO 16/20, FEL 1/17 and FEL 3/13.Â  Â   The current inventory includes the Inishkea prospect (1,528 Bcf), Inishkea NW prospect (1,094 Bcf), Inishkea W prospect (212 Bcf), Bofin lead (69 Bcf), Corrib North discovery (40 Bcf) and Corrib NW prospect (26 Bcf). The inventory has been mapped by Europa on legacy 3D seismic data originally acquired in 2002. Europa completed the process of merging and PSDM reprocessing existing 3D seismic.Â The additional clarity should enable some of the prospects to be upgraded to a drillable status during H1 2019. The targeted Triassic gas play comprises of Triassic Sherwood sandstone reservoirs, Carboniferous source rocks, Triassic Mercia mudstone seal and structural traps. The play is well understood and proven to work both technically and commercially by the Corrib gas field. Europa believe the play risk is lower than in other Atlantic Ireland basins where play risk remains to be conclusively proven by a commercially successful exploration discovery.  Europa has interpreted the Inishkea prospect complex to have been less deeply buried than the Corrib field and therefore recovery factors should be at least as good as Corrib. The water depths are relatively shallow (400 - 600 m) and do not require harsh environment sixth generation drillships, reducing drill costs. Europa conducted a drill cost estimate for a well on the Inishkea prospect and a dry hole cost including mobilisation and demobilisation of USD $28 million using a prevailing rig rate of USD 120,000 per day. Gas infrastructure is already present nearby at Corrib therefore a fast track path to commercialisation is potentially available, subject to negotiation and cooperation with the current infrastructure owners.  Interest in LO 16/20 is held solely by Europa Oil & Gas (Inishkea) Ltd.  For further information please contact:  Murray Johnson  Email: murray.johnson@europaoil.com
Europa Oil and Gas plc is offering interested parties to farm-in to Licence Option (LO) 16/20. Europa has identified 3 Tcf undiscovered GIIP on LO 16/20 in the Triassic and Jurrasic gas hydrocarbon play.