Europa Oil & Gas (Holdings) Plc Update on offshore Ireland portfolio
May 24 2018 - 2:00AM
UK Regulatory
TIDMEOG
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas
24 May 2018
Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company')
Update on offshore Ireland portfolio
Europa Oil & Gas (Holdings) plc, the UK and Ireland focused exploration,
development and production company, is pleased to provide the following update
on its industry-leading and highly diversified portfolio of prospects across
its seven licences and licensing options ('LO') in Atlantic Ireland, which
covers three basins and six play types. This update includes the Company's
flagship Inishkea prospects on LO 16/20 near the Corrib gas field in the Slyne
Basin.
Slyne Basin: LO 16/20
Europa is concentrating its efforts on LO 16/20 which is immediately adjacent
to the Corrib gas field and in particular to mature the Inishkea prospects to
drill ready status. 3D seismic reprocessing to pre-stack depth migration
('PSDM') commenced in March 2018 and is expected to be completed in Q4 2018
with a drilling decision and drill location following shortly thereafter,
subject to partnering and/ or funding.
In parallel with the reprocessing project Europa has commissioned drilling and
environmental specialists to engage with the various Irish regulatory agencies
and establish the technical and regulatory pathways to enable Europa's flagship
Inishkea prospects to be drilled with a target of 2019.
The six gas prospects and leads in LO 16/20 that have been mapped by Europa on
legacy 3D seismic data, are lower risk, in comparatively shallow water, close
to gas infrastructure and with potential combined undiscovered gas initially in
place (GIIP) of 2.5 TCF, represent a substantial volume of gas.
South Porcupine Basin
Technical work continues across Europa's four licences in the South Porcupine
basin. PSDM reprocessing of 3D seismic over FEL 1/17, 3/13 and 2/13 has been
completed on schedule and on budget. Interpretation of the new data and
creation of an updated prospect inventory is underway. The updated prospect
inventory for FEL 3/13 will be announced during Q2 2018. FEL 1/17 and 2/13 will
follow in due course.
Slyne Basin: LO 16/21
Following completion of the agreed work programme, including a full technical
assessment, Europa has concluded that the prospectivity of its LO 16/21 in the
Slyne Basin of Atlantic Ireland is limited. Europa believes that LO 16/21 would
compete poorly with other prospects in Atlantic Ireland and is unlikely to
attract drilling funds in the short to medium term. On this basis, Europa has
decided to relinquish LO 16/21. Relinquishment has been approved by the Irish
Minister for Communications, Climate Action and Environment will become
effective from 30 June 2018.
Relinquishment of LO 16/21 will have no impact on the Europa portfolio with
gross mean un-risked prospective resources across Europa's six licences
remaining at 4.7 billion boe and 2.5 TCF undiscovered GIIP. With six licences
(five operated) and 4,986 km2 under licence Europa remains one of the leading
companies in Atlantic Ireland. Further information on Europa's Irish portfolio
can be found on its website https://bit.ly/2ws8KTL .
Hugh Mackay CEO said: "Europa is focussed on taking the Inishkea prospects in
LO 16/20 to drill ready status and is actively investigating the feasibility of
drilling what could be a company-making exploration well in 2019 or 2020. We
will not hesitate to exercise technical and commercial judgement and
rationalise the portfolio where required. Having fulfilled our work programme
on LO 16/21, we have elected to relinquish and concentrate our technical
resources on the remaining six very high impact exploration licences in our
Atlantic Margin portfolio. We have one of the largest operated acreage
positions in Atlantic Ireland built through first mover advantage against
strong competition from the majors. We are working hard to maximise the value
of this outstanding position and I look forward to updating our investors with
progress towards this goal."
The information communicated in this announcement contains inside information
for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
* * ENDS * *
For further information please visit www.europaoil.com or contact:
Hugh Mackay Europa + 44 (0) 20 7224
3770
Phil Greenhalgh Europa + 44 (0) 20 7224
3770
Matt Goode finnCap Ltd + 44 (0) 20 7220
0500
Simon Hicks finnCap Ltd + 44 (0) 20 7220
0500
Emily Morris finnCap Ltd + 44 (0) 20 7220
0500
Frank Buhagiar St Brides Partners Ltd + 44 (0) 20 7236
1177
Susie Geliher St Brides Partners Ltd + 44 (0) 20 7236
1177
Notes
Europa Oil & Gas (Holdings) plc has a diversified portfolio of multi-stage
hydrocarbon assets that includes production, exploration and development
interests, in countries that are politically stable, have transparent licensing
processes, and offer attractive terms.
In 2017 Europa produced 113 boepd. Its highly prospective exploration projects
include the Wressle development in the UK (targeting production start-up in
2018 at 500 bopd gross) and six licences offshore Ireland with the potential to
host gross mean un-risked prospective resources of 4.7 billion barrels oil
equivalent and 2.5 tcf undiscovered GIIP across all six licences.
END
(END) Dow Jones Newswires
May 24, 2018 02:00 ET (06:00 GMT)
Europa Oil & Gas (holdin... (LSE:EOG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Europa Oil & Gas (holdin... (LSE:EOG)
Historical Stock Chart
From Jul 2023 to Jul 2024