Europa Oil & Gas said there is potential to speed up exploration offshore Ireland by netting a farm-in partner to produce further seismic work.
The company, which has a 100% interest in seven licences in the Atlantic basins, also said there was potential for several Cretaceous submarine fans with a range of 300million to one billion barrels of oil equivalent prospective resources.
Europa said recent work had also demonstrate Cretaceous submarine channels crossed from the firm’s adjacent FEL 2/13 licence and deposit submarine fans in LO 16/19
Europa chief executive Hugh Mackay said: “Europa has a deep technical understanding of the Cretaceous fan play in the Porcupine Basin and has insights that allowed us to map submarine fans in LO 16/19 fed directly by submarine channels in FEL 2/13.
“There is strong technical and commercial synergy with our existing licences in FEL 2/13, FEL 3/13 and LO 16/2 and we can immediately include this award in the data room for the ongoing farm-out of these licences. The entry of majors and super-majors into the basin is already having an impact: Woodside Energy have completed acquiring 3D seismic in the South Porcupine Basin and we understand that CGG is currently shooting a multi-client 3D seismic survey in the South Porcupine and Goban Spur areas.
“Europa has prime acreage in what is clearly an exploration hotspot and we look forward to developments with great interest.”