Thursday 27 April 2017

Europa Oil & Gas (Holdings) plc, the AIM traded, UK and Ireland focused, oil and gas exploration, development and production company, is pleased to provide a technical update on its Frontier Exploration Licence 2/13 (‘FEL 2/13’ or ‘the Licence’) located on the west flank of the South Porcupine Basin, offshore Atlantic Ireland. Europa’s new work has focussed on deeper prospectivity than previously investigated. A number of new prospects and leads have been identified, of which the Company believes four are significant. Initial volumetrics on two of these new targets exceed the 200 million boe threshold Europa regards as the minimum economic field size in Atlantic Ireland. Combined gross mean un-risked indicative and prospective resources for the Licence now stand at 1.12 billion boe across nine oil prospects and 3.7 TCF gas in a Triassic prospect.

New prospect “Kilroy” is a lowermost Cretaceous slope apron deposit broadly time-equivalent to Europa’s “Wilde” prospect in FEL 3/13. It appears to be optimally located for the Lower Cretaceous/Upper Jurassic source system identified by well 43/13-1 and implied by the Dunquin (44/23-1) well. “Keane” is a syn-rift lead with AVO expression down-dip of oil-bearing sand stringers in 43/13-1. “Kiely” is a Middle Jurassic tilted fault block prospect in the south-east of the Licence. This same fault block has Triassic gas prospectivity at depth (Prospect “A-Tr”).

Previously Europa had identified four prospects: Doyle A, Doyle B, Doyle C and Heaney with gross mean un-risked indicative and prospective resources of 595mmboe. Following new seismic attribute work, Europa has subdivided Doyle A into three separate prospects, strung out along the axis of the Doyle A slope channel system. These are now separately identified as the west, central and east targets. Doyles B and C have not been revised at this stage. Prospect Heaney has been eliminated.

More - http://www.investegate.co.uk/europa-oil---38--gas-...