Cairn gets operatorship over Irish license

Europa Oil & Gas, a UK and Ireland focused exploration, development and production company, has received consent from the Irish Government for the transfer of 70 percent interest in and operatorship of Licensing Option 16/19 to Cairn Energy.

Europa O&G said on Wednesday that the interest and operatorship would be transferred to Capricorn Ireland Limited, a wholly owned subsidiary of Cairn Energy.

Following the transfer, Europa O&G will hold the remaining 30 percent interest in the LO 16/19 which covers approximately 976 square kilometers on the Western flank of the South Porcupine Basin, offshore Ireland.

The two agreed on the farm-out on March 8. Under the terms of the agreement, Cairn will fund Europa’s share of the Crean multiclient 3D seismic acquisition program, which will include the acquisition, processing, and interpretation of a 3D seismic survey over LO16/19.

Norwegian seismic data acquisition company TGS recently hired Shearwater to carry out the Crean 3D seismic campaign, which will cover an area of more than 5,400 square kilometers between the Porcupine High and the Irish Mainland Platform on the Irish Atlantic Margin. Subject to approval, the survey is expected to begin in June 2017 with the final processed product expected to be delivered in 2018.

Future exploration work on the license will be based on the results of detailed prospect mapping work to be carried out on the processed dataset. As far as unrisked prospective resources go, Europa previously said that several Cretaceous submarine fans within the license hold between 300 million to one billion boe.

Europa CEO Hugh Mackay said: “The farm-out of LO 16/19 demonstrates how we intend to fast-track the exploration of our industry leading position offshore Ireland by securing suitable partners with whom we can take each of our licenses forward. In line with this, we continue to talk with a number of interested parties for our remaining licenses.

“LO 16/19 is just one of seven offshore Ireland licenses we hold. All our licenses cover 5,818 square kilometers, six play types, three basins, and twenty prospects and leads which we estimate potentially hold gross mean unrisked resources of more than four billion barrels of oil equivalent and 1.5 tcf of gas. As a result, with drilling activity set to commence in the region in the near term, Europa is strategically placed to benefit from any success with the drillbit.”

Share this article

Follow Offshore Energy Today

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both domestic and overseas buyer groups, including Shell, Exxon Mobil, Total…

read more >

OIL & GAS PHILIPPINES 2019

Oil & Gas Philippines event display products like Oil & gas, fire protection systems and materials…

read more >

Nigeria Oil & Gas Conference & Exhibition 2019

The annual meeting once again proved to be a great success, gathering over 700 industry professionals…

read more >

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply