Kosmos discovers new prospects (Ireland)

Europa Oil & Gas (Holdings) has received a new prospect inventory from Kosmos Energy, the operator of the licences FEL 2/13 and FEL 3/13 in the South Porcupine Basin, offshore Ireland.

The inventory is based on 3D seismic acquired in 2013 and includes the identification of a number of new, large prospects and leads on both licences. As a result, material changes have been made to the prospectivity previously mapped on the licences using historic 2D seismic data. Europa says it is currently preparing relevant data to initiate work on a Competent Persons Report for completion in H1 2015.

Licence FEL 3/13

Two prospects, named Beckett and Wilde, and one lead, Shaw, have been identified. The new prospects have gross mean unrisked prospective resources of + 760 million barrels of oil (`mmbo’) for Beckett and + 493 mmbo for Wilde. These new prospects and leads replace the Kiernan prospect previously identified by Europa.

Licence FEL 2/13

Two new prospects, Doyle A and Doyle B, have been identified. Gross mean unrisked prospective resources of+ 123 mmbo for Doyle A and + 69 mmbo for Doyle B. These new prospects replace the Mullen prospect previously identified by Europa.

“This is a significant step forward for our exploration in Ireland.”

According to the company, further seismic analysis work is now being conducted to provide a definitive prospect risking and ranking. It is expected that this work will be completed in H1 2015 and will enable a decision to be made regarding next steps on the licences. Europa says this includes the possibility of detailed drilling planning and preparatory work to enable an exploration well to be drilled as early as 2016.

Europa’s CEO, Hugh Mackay said, “This is a significant step forward for our exploration in Ireland. The prospect inventory has been completed by Kosmos and the early promise shown on historic 2D seismic data has been vindicated by the prospects identified on the new 3D seismic. Geophysical studies are now being performed to clarify prospect risk and ranking with a view to inform a drilling decision, expected to be in H1 2015.

“If positive this could lead to what could be a company-making well for Europa being drilled in 2016. More information will become available over the coming months as our plans mature and we look forward to updating the markets in due course. These are very exciting times for Europa.”

 

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