Oil and gas firm Europa Oil & Gas has received consent for the extension of Phase 1 on two Frontier Exploration Licences off Ireland.
Europa said on Monday that the Irish Government gave it an extension on FEL 2/13 and 3/13 by two years to July 4, 2019, following the company’s agreement to certain provisions attached to the extensions.
The Irish Government also approved an application to convert Licensing Option 16/2 to an FEL 1/17. Execution of the relevant documentation is currently underway.
Europa has a 100 percent interest in all three licenses which are located in the South Porcupine Basin, offshore Ireland.
The work programs on all three licenses will include pre-stack depth migration (PSDM) of 3D seismic data which was previously acquired in 2013. The objective of this work is to mature existing prospects and leads, particularly in the pre-rift and syn-rift plays, to drill-ready status. The work may also de-risk existing drill-ready prospects in the Cretaceous fan play.
PSDM reprocessing over FEL 3/13 and LO 16/2 (soon to become FEL 1/17) began, and a similar program of work over FEL 2/13 is in preparation, all funded by Europa’s recent Placing and Open Offer.
As far as un-risked prospective resources go, gross mean associated with these licenses stand at 3,514 mmboe.
Europa CEO Hugh Mackay said: “Following government approval we will immediately start the work programs on these licenses in the South Porcupine basin. We look to deliver on our target to upgrade at least six of our existing inventory of 32 offshore Ireland prospects to drill-ready status. This work may also further de-risk our existing drill-ready prospects in the Cretaceous fan play.
“As a consequence of our recent oversubscribed placing for £2.1 million ($2.7 million) with new and existing institutions and our very well subscribed open offer raising a further £1.3 million ($1.66 million), we are fully funded to undertake all our work programs in Atlantic Ireland immediately and concurrently.
“Together with the anticipated start-up of exploration drilling elsewhere in the South Porcupine these are exciting times for Atlantic Ireland and Europa in particular.”