Europa Oil & Gas has identified four significant prospects at its frontier exploration license 2/13 (FEL 2/13) offshore Ireland that has upped its prospective resources in the area to some 1.12 billion boe, and 3.7 Tcf of gas.
Map of FEL 2/13, from Europa.
Europa says that it has identified several new prospects and leads at FEL 2/13 on the west flank of the South Porcupine Basin. Of these, four are considered to be significant: Kilroy, Keane Lead, Lead F, and Kiely.
“Initial volumetrics on two of these new targets exceed the 200 MMboe threshold Europa regards as the minimum economic field size in Atlantic Ireland. Combined gross mean un-risked indicative and prospective resources for the license now stand at 1.12 billion boe across nine oil prospects and 3.7 TCF gas in a Triassic prospect,” says Europa.
New prospect Kilroy, with a mean potential of 159 MMboe, is a lowermost Cretaceous slope apron deposit broadly time-equivalent to Europa’s Wilde prospect in FEL 3/13. The company says that 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.
The Keane prospect has a mean potential of 217 MMboe, and is a syn-rift lead with AVO expression down-dip of oil-bearing sand stringers in 43/13-1.
The Kiely prospect is a Middle Jurassic tilted fault block prospect in the south-east of the license, and has a mean resource estimate of 236 MMobe. This same fault block has Triassic gas prospectivity at depth, Prospect A-Tr, which has a mean resource of 3.64 Tcf of gas.
Europa had already identified four prospects: Doyle A, Doyle B, Doyle C and Heaney with gross mean un-risked indicative and prospective resources of 595 MMboe.
Following new seismic attribute work, Europa 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, says Europa.
The company believes that further technical work is required to de-risk these prospects and leads and to upgrade them to drillable prospect status. This will involve reprocessing the existing 3D seismic to deliver a pre-stack depth migration product, followed by detailed geophysical and geological interpretation.
“The next phase of work on this license will involve reprocessing the existing 3D seismic to deliver better definition, better depth control and to enable de-risking sufficient to upgrade the prospects to drill-ready status,” says Europa CEO Hugh Mackay. “Atlantic Ireland is about to enter a drilling phase, which we believe may be sustained over several years. Our objective is to deliver six drill ready prospects with which to trail blaze or fast follow to success. All our drill ready prospects will be potential company makers.”
Potential farmout deals continue
Europa says it is continuing its efforts to talk to potential partners to farm-out an interest in FEL2/13.
The farmout deal is for seven licenses covering 5818sq km, six play types, three basins, and 20 prospects and leads, which Europa estimates to potentially hold gross mean unrisked resources of more than 4 billion boe, and 1.5 Tcf of gas.
In March, Europa signed a deal with Cairn Energy for 70% working interest and operatorship in the adjacent LO 16/19, with plans for 3D seismic in 2017. The deal was just approved by the Irish government yesterday (26 April). LO 16/19 covers about 976sq km on the Western flank of the South Porcupine Basin.