Europa Oil and Gas is offering interested parties to farm-in to Frontier Exploration Licence (FEL) 4/19 which contains the Inishkea prospect and several other Jurassic and Triassic gas plays. Inishkea is located in the Erris sub-basin, around 13 km north-west of the producing Corrib gas field, and has a gross mean un-risked prospective resource estimate of 1.5 Tcfg. The company expects to obtain permission in 2H 2020 to complete a site survey for future exploration drilling at the licence. On 11 June 2020, Europa acquired FEL 3/19, containing the Edge prospect, and will re-launch the farm-out of FEL 4/19 in combination with this opportunity. In October 2019 Europa reported it was in ongoing negotiations with a major oil and gas company concerning licences FEL 4/19, FEL 1/17 and FEL 3/13, but this fell through by January 2020.  Inishkea has a 33% chance of success and has been de-risked through PSDM reprocessing of 770 sq km of 3D seismic over both the prospect 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 comprising of Triassic Sherwood sandstone reservoirs, Carboniferous source rocks and a trapping mechanism consisted of a Triassic Uilleann Halite top seal and fault seal. The water depths are relatively shallow (400 - 600 m) and do not require harsh environment sixth generation drillships, which will reduce drilling costs. Europa has 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 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 (FEL) 4/19 which contains the Inishkea prospect and several other Jurassic and Triassic gas plays. Inishkea is located in the Erris sub-basin, around 13 km north-west of the producing Corrib gas field, and has a gross mean un-risked prospective resource estimate of 1.5 Tcfg.