Europa Oil and Gas is offering interested parties to farm-in to Frontier Exploration Licence â FEL 4/19 which contains the Inishkea prospect. Europa has identified 3 Tcf undiscovered GIIP in Triassic and Jurassic gas plays. In October 2019 Europa announced negotiations were still ongoing regarding the farm-in agreement with a major oil and gas company concerning licences FEL 4/19, FEL 1/17 and FEL 3/13. However, on 23 January 2020 Europa announced that negotiations with the major have fallen through but the company is still undertaking discussions with a number of other parties. With respect to Inishkea Europa hopes to obtain permission for a site survey to be commissioned for summer 2020 to enable drilling to take place in 2021.  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. The prospect has been de-risked through the PSDM reprocessing of 770 sq km of 3D seismic over Inishkea and the Corrib gas field. Reprocessing was benchmarked and calibrated against Ocean Bottom Cable 3D seismic data over the Corrib gas field. Inishkea is defined as a large Triassic structure that lies 11 km from Corrib. The targeted Triassic gas play comprises of Triassic Sherwood sandstone reservoirs, Carboniferous source rocks and the combination of a Triassic Uilleann Halite top seal and fault seal providing the trapping mechanism. 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. The remaining inventory in FEL 4/19 includes the 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).  Interest in FEL 4/19 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 is offering interested parties to farm-in to Frontier Exploration Licence â FEL 4/19 which contains the Inishkea prospect. Europa has identified 3 Tcf undiscovered GIIP in Triassic and Jurassic gas plays.