UK's Europa Oil & Gas has launched a farmout process for three of its licences in the South Porcupine Basin offshore Ireland.
The three licences Europa wants to partner with are FELs 1/17, 2/13 and 3/13. Together they are estimated to hold gross mean un-risked prospective resources of 4.3 billion barrels of oil equivalent (boe).
Europa reported that it has completed an updated prospect inventory for its 100 per cent owned Frontier Exploration Licences 1/17 and 2/13 in the South Porcupine Basin. The firm has recently completed pre-stack depth migration (PSDM) reprocessing of 3D seismic data originally acquired in 2013.
Europa said it believes that the new PSDM seismic data has transformed the prospectively on the licences and will be working hard to secure a partner.
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."
The firm has set drilling targets identified in FEL 1/17, 3/13 and 2/13. The key next step across all three licences is to secure a farmin partner or partners to fund exploration drilling activity. Europa announced that the farmout data room to secure partner(s) and fund exploration drilling activity was opened on 12 July 2018.
Mackay added: "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.”