Europa Oil & Gas (Holdings) PLC FEL 4/19 Update (2661O)
02 Octubre 2023 - 1:00AM
UK Regulatory
TIDMEOG
RNS Number : 2661O
Europa Oil & Gas (Holdings) PLC
02 October 2023
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
2 October 2023
Europa Oil & Gas (Holdings) plc
("Europa" or the "Company")
FEL 4/19 Update
Europa Oil & Gas (Holdings) plc, the AIM traded UK and
Ireland focused oil and gas exploration, development, and
production company, is pleased to announce that following the
interpretation of recent seismic reprocessing, the Company's Pmean
prospective resource estimate for Inishkea West has increased by
92% to 1.55 TCF. The seismic data has been reprocessed using full
waveform inversion and reverse time migration (RTM) to 20Hz, which
are cutting edge techniques. This has resulted in a marked
improvement in the imaging of both the Inishkea West and Inishkea
prospects, with the Inishkea West structure now being mapped as a
large 4-way closure, with a prospective resource Pmean of 1,554 BCF
and a range as detailed in the following table:
Inishkea West P90 P50 Pmean P10
GIIP - BCF 440 1920 2219 4336
---- ----- ------ -----
Prospective Resource 307 1336 1554 3044
---- ----- ------ -----
The reprocessed seismic has materially improved the subsurface
imaging and provided more confidence in the quality of the seal and
trap at Inishkea West, which in turn has increased the chance of
success of the prospect. In addition, Inishkea West is prognosed as
a shallower structure by some 900 meters which means that the
reservoir quality will be better than at Inishkea.
For the Inishkea prospect, which relied on a degree of side seal
for historic prognosed volumes, the reprocessing has confirmed the
likelihood of side seal breach and therefore resulted in the
downgrading of this prospect. In turn, the Inishkea structure has
reduced in size and is now estimated to have a prospective resource
of Pmean 146 BCF.
Inishkea West is within easy tie-back range of the Corrib gas
field situated some 18 kilometres to the southeast. This proximity
to the Corrib infrastructure, the mapped 4-way closure, the large
prospective resource and the reduced seal risk means that the
Inishkea West prospect has become the primary target on the FEL
4/19 licence.
Given the significant improvement seen in the 20Hz RTM data, it
is expected that the subsurface imaging can be further improved by
reprocessing the data at 30Hz. Therefore, the Company has decided
to apply for an extension to the first phase of its FEL 4/19
licence to allow time for the 30Hz reprocessing to be completed and
to subsequently find a suitable partner to drill an exploration
well.
The farm-out process that is being managed by Llamas and
Bannister Energy Advisors, as announced on 11 January 2023, has
been paused until the 30Hz reprocessing has been completed.
Will Holland, Chief Executive Officer of Europa, said:
"This is a very exciting development for the FEL 4/19 licence as
the seismic reprocessing has significantly enhanced the sub-surface
imaging which has improved our understanding of the size of the
prospects and the seal risk. These results have more than justified
the additional time and expenditure on what is a key asset for not
only Europa, but also Ireland in terms of potential indigenous
energy security and as part of the country's energy transition. The
seal uncertainty, which the reprocessing has addressed, was a
matter that some of the potential farm-inees had highlighted during
the farm-out process and potential partners wanted to see the
results of the reprocessing before making an offer. However, we now
believe that the sub-surface imaging can be further improved by
reprocessing at 30Hz and we will therefore be applying for a phase
one licence extension to allow us to complete this work before
continuing the farm-out process."
* * ENDS * *
For further information, please visit www.europaoil.com or
contact:
William Holland Europa Oil & Gas (Holdings) mail@europaoil.com
plc
Strand Hanson Limited
- Nominated & Financial +44 (0) 20 7409
James Dance / James Spinney Adviser 3494
+44 (0) 20 7186
Peter Krens Tennyson Securities 9033
Patrick d'Ancona / Finlay + 44 (0) 20 7390
Thomson / Kendall Hill Vigo Consulting 0230
Notes to Editors
Europa Oil & Gas (Holdings) plc has a diversified portfolio
of multi-stage hydrocarbon assets which includes production,
development and exploration interests, in countries that are
politically stable, have transparent licensing processes, and offer
attractive terms. Average production for the 6-month period ending
31 January 2023 was 268 bopd. Europa took over operatorship of PEDL
343 in July 2023; this contains the Cloughton discovery which has
an unaudited GIIP of Pmean 192 BCF, established by summing the
volumes of 5 separate discovered horizons. In April 2022, Europa
farmed into P.2358, Block 13/23c ("Serenity") in the Outer Moray
Firth area of the North Sea. The licence contains the 2019 Serenity
oil discovery, in which Europa has a 25% interest. The Company
holds one exploration licence offshore Ireland, which has two
principal prospects, the largest of which has the potential to host
gross mean un-risked prospective resources of 1.5 trillion cubic
feet ("tcf") gas. Inishkea West is a near field gas prospect in the
Slyne Basin which the Company classifies as lower risk due to its
close proximity to the producing Corrib gas field and associated
gas processing infrastructure.
Glossary
BCF Billion Cubic Feet
GIIP Gas Initially In Place
Hz Hertz (unit of frequency equivalent to one event per second)
P10 10% probability that the volumes will equal or exceed the high estimate
P50 50% probability that the volumes will equal or exceed the best estimate
P90 90% probability that the volumes will equal or exceed the low estimate
Pmean probability that the volumes will equal the average of all of the estimates
RTM Reverse Time Migration
TCF Trillion Cubic Feet
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