Europa Oil & Gas has reported 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).
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.'