Europa Oil & Gas (Holdings) plc, the UK and Ireland focused exploration, development and production company, is pleased to report its updated prospect inventory resulting in a near doubling of its estimate of gross mean un-risked prospective resources on FEL 3/13 in the South Porcupine Basin, Atlantic Ireland, to 2.9 billion barrels of oil equivalent (boe).

Highlights

• 93% increase in estimated combined gross mean un-risked prospective resources on FEL 3/13 to 2.9 billion barrels of oil equivalent (boe)
• Marked improvement in seismic quality and a substantial uplift to FEL 3/13 prospect inventory following completion of pre-stack depth migration (PSDM) reprocessing of 3D seismic data originally acquired in 2013

Confirmation and verification of the Beckett, Shaw and Wilde prospects at FEL 3/13:

• Beckett and Shaw previously described as “single cycle events” but now defined as a fan sequence comprising multiple fan cycles (250-325m gross)
• Beckett and Shaw mapped as much thicker and extending over a much wider area than originally thought – almost doubling estimated volumes
• Wilde prospect more confidently defined based on seismic detail on the internal architecture of the fan

Hugh Mackay CEO said:
“In FEL 3/13 we are seeing the first fruits of Europa’s major investment in 3D seismic data reprocessing in Atlantic Ireland. The size of the prize in FEL 3/13 has nearly doubled from 1.5 to 2.9 billion boe. Confidence in, and definition of, the Wilde prospect has increased significantly, whilst our new understanding of the size and thickness of the Beckett-Shaw fan-system has had a transformative effect on estimated volumes. Wilde remains the lowest-risk prospect from both source and seal viewpoints. We are also confident that a drill location on Wilde will be optimised which would also test the larger volumes we have identified on Beckett. Europa intends to launch a farm-out process for FEL 3/13 once we have brought our other Porcupine licences (FEL 2/13 and FEL 1/17) to the same level of evaluation and we expect to make an announcement on this in the next few months.”