Europa Oil and Gas is offering interested parties to farm-in to Licence Option (LO) 16/20. Europa has identified 3 Tcf undiscovered GIIP in Triassic and Jurassic gas plays. In April 2019, Europa announced negotiations were still ongoing regarding the farm-in agreements with a major oil and gas company concerning licences LO 16/20, FEL 1/17 & FEL 3/13. Europa are expecting to be fully carried on a well on each licence and retain material interest in each licence with the final investment decision pending in the majorâs head office. 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. This would ensure a well would be drilled at the earliest opportunity, if negotiations are successful.   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 LO 16/20 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 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 is offering interested parties to farm-in to Licence Option (LO) 16/20. Europa has identified 3 Tcf undiscovered GIIP in Triassic and Jurassic gas plays.