Irish Government approves farmout of Europa's offshore Ireland licence LO 16/19 to Cairn Energy
Wednesday, Apr 26, 2017
Europa Oil & Gas (Holdings) plc, the AIM traded UK and Ireland focused oil and gas exploration, development and production company, is pleased to note the press release issued by TGS on 24 April 2017 regarding its new multi-client acquisition project, Crean 3D on the Irish Atlantic Margin: http://www.tgs.com/News/2017/TGS_announces_Crean_3D_multi-client_project_in_Ireland/
The Crean 3D survey will cover all of Europa’s LO 16/19 (976 km2). A technical update on LO 16/19 was previously released on 18 July 2016 in which Europa identified the potential for several Cretaceous submarine fans with gross mean un-risked prospective resources in the range of 300 million to 1 billion boe: http://www.europaoil.com/documents/160718LO16_19technicalupdate.pdf
Crean 3D (CRN 3D) is a multi-client survey of more than 5,400 km2 located in the South Porcupine Basin between the Porcupine High and the Irish Mainland Platform. Subject to Government approval the survey is expected to commence in June 2017. Data processing will be performed by TGS using its Clari-FiTM broadband technology.
Subject to obtaining Government consent Europa has farmed out a 70% interest and operatorship in LO 16/19 to a wholly owned subsidiary of Cairn Energy PLC. Europa will be carried for a US$6 million work programme which will include participation in the Crean 3D over LO 16/19: http://www.europaoil.com/documents/170308LO1619IrishFarmOut.pdf
Europa CEO Hugh Mackay said, “The inclusion of our licence in a 5,400 km2 multi-client survey demonstrates the step-up in activity being seen offshore Ireland. This not only includes the acquisition of 3D seismic by various operators but also high impact drilling operations starting this summer. Success at any of the other wells currently being planned would be game-changing for the basin. With a portfolio of seven licences covering 5,818 sq km, six play types, three basins, and twenty prospects and leads, Europa will have an industry leading positon in what would be a new hydrocarbon province in western Europe.”
For more information please visit: http://www.europaoil.comFor additional information on this project, please visit our ProjectsOGP database