Europa Oil & Gas (Holdings) plc, the UK and Ireland focused exploration, development and production company, is pleased to report that is has completed an updated prospect inventory for its 100% owned Frontier Exploration Licences (‘FEL’) 1/17 and 2/13 in the South Porcupine Basin, Atlantic Ireland.  In addition, the Company has today launched a farmout process for three of its licences in the South Porcupine Basin FELs 1/17, 2/13 and 3/13, which together are estimated to hold gross mean un-risked resources of 4.3 billion barrels of oil equivalent (boe). 

Highlights 

• Marked improvement in seismic quality and a substantial de-risking of the prospect inventory for FELs 1/17 and FEL 2/13 following pre-stack depth migration (‘PSDM’) reprocessing of proprietary 3D seismic data originally acquired in 2013
• FEL 1/17: gross mean un-risked prospective resources of 584 million barrels of oil equivalent (“mmboe”) comprised of two pre-rift prospects Edgeworth and Ervine and one new syn-rift target, Egerton
• Egerton is interpreted to be analogous to the Bay du Nord discovery on the conjugate margin, offshore Newfoundland
• FEL 2/13: gross mean un-risked resources of 817 mmboe comprised of two pre-rift prospects Kiely East and Kiely West and one Cretaceous target, Kilroy
• Together with previously announced gross mean un-risked prospective resources of 2.9 billion boe on FEL 3/13 (see RNS of 5 June 2018), total gross mean un-risked prospective resources across FELs 1/17, 2/13, and 3/13 now stand at 4.3 billion boe
• Firm drilling targets identified in FEL 1/17, 3/13 and 2/13 - respectively prospects Edgeworth, Wilde and Kiely East
• The farmout data room to secure partner(s) and fund exploration drilling activity opened today (12 July 2018)

Hugh Mackay, CEO said: 
“The PSDM reprocessing of our proprietary 3D seismic data sets over our South Porcupine licences has transformed the prospect inventory. Prospect volumes have changed, but more importantly the accuracy of our maps and our confidence in them, has substantially increased. Our prospects are tightened up and de-risked. We now have firm drilling targets with clearly positive economics on each licence. We promised half a dozen drillable prospects by the end of 2018, now we have four, three here in the Porcupine and one  in the Slyne. Subject to regulatory approval we will be able to proceed to FEL Phase 2 on each licence with confidence, and we now believe we have the data to convince substantive farminees of the compelling case to take these four licences forward towards drilling with the first well targeted for mid 2019 on the Inishkea prospects in the Slyne licence LO 16/20, subject to funding.”