Europa Oil and Gas plc is offering interested parties to farm-in to Licence Option (LO) 16/20. Europa has identified 2.5 Tcf undiscovered GIIP in six prospects and leads on LO 16/20 in the Triassic gas hydrocarbon play.Â Europa has started fast-tracking technical work on its flagship Inishkea prospects with the intention of delivering a new prospect inventory in H1 2019. Furthermore, subject to meeting technical and commercial criteria, Europa plan to identify a firm drilling target for an exploration well in 2020 with a data room planned to open in January 2019.  The six prospects include the Inishkea prospect (1,098 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 6 prospects have been mapped by Europa on legacy 3D seismic data originally acquired in 2002. Europa are currently in the process of merging and PSDM reprocessing existing 3D seismic data and aim to complete the process by the end of 2018.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.  Murray Johnson  Email: murray.johnson@europaoil.com
Ireland (Slyne Sub-basin (NW Ireland Offshore B.)) Corrib