Europa Oil & Gas has mapped an estimated 2.5 trillion cubic feet of gas.
The UK and Ireland and Ireland explorer was interrogating data the in the Slyne basin, offshore Ireland which lies adjacent to the producing Corrib gas field. . Work is in progress to estimate the prospective resources arising from this gas in place and these are anticipated to be significantly more than the 1 tcf prospective resources (1.4 tcf gas in place) previously mapped on the licence.
Europa’s chief executive, Hugh Mackay, said: “This work by Europa validates the early technical promise shown when we made our licence application. The Foyle prospects in particular have stood up to detailed scrutiny and mapping indicates a gas in place in excess of 2 tcf. In addition, we are pleased to identify proven gas in Corrib North, which not only significantly de-risks this structure, but also the Foyle prospects. We are working with a subsurface and production engineering consultancy and will update investors with estimates of prospective and possibly contingent resources during H1 2018. In addition, we are sufficiently encouraged to commit to conducting PSDM reprocessing of the legacy 3D seismic and mature the prospects to drillable prospect status.
“Whilst there is a popular conception that Atlantic Ireland is deep water, high risk frontier exploration this is not true of the Slyne Basin where the multiple prospects we have identified in LO 16/20 are mostly in relatively shallow water (400-600m) and represent lower risk exploration and appraisal close to the producing Corrib gas field. LO16/20, along with LO16/21 which is also located in the Slyne Basin, are a key component of our industry-leading licence position offshore Ireland. This includes seven licences that cover an area of 5,818 sq km, six play types, three basins and contain over 30 prospects and leads that potentially hold gross mean unrisked prospective resources of 4.7 billion barrels of oil and 1.5 tcf of gas.”
The presence of a gas reservoir substantially de-risks Corrib North and other significant undrilled prospective gas-bearing structures on the licence, including the Foyle, Foyle North and Foyle West prospects ~16km north west of Corrib. A subsurface and production engineering consultancy has been commissioned to provide estimates for gas in place, prospective resources and possibly contingent resources for Corrib North in H1 2018
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