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Europa Oil & Gas set for summer seismic offshore Ireland

The 'multi-client' Crean 3D seismic adds to a potentially high impact summer exploration campaign in the waters off Ireland's west coast.
Offshore seismic operations, oil and gas exploration
Europa's project represents 976 sq kms of the 5,400 sq km Crean 3D programme

Europa Oil & Gas (Holdings) Plc (LON:EOG) has confirmed it is part of a ‘multi-client’ project offshore Ireland which was announced yesterday by oil and gas services group TGS.

TGS will acquire new seismic data for all of Europa’s Licence Option (LO) 16/19 as part of the Crean 3D project in the Atlantic Margin, off Ireland’s west coast.

In total, the Crean 3D campaign is due to cover a massive 5,400 square kilometres of the South Porcupine Basin.

Work is expected to get underway in June, subject to government approval. It adds to a high profile summer of activity offshore Ireland, which will include the first new exploration wells since 2013.

Hugh Mackay, Europa chief executive, 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 wells currently being planned would be game-changing for the basin.”

Europa is partnered with Cairn Energy PLC (LON:CNE) in LO 16/19, with the larger oil company acquiring 70% of the asset by paying Europa’s share of exploration work (up to US$6mln) including Crean 3D.

LO 16/19 spans 976 square kilometres and Europa’s evaluation to date has identified potential for several Cretaceous submarine fans, with possible resources estimated between 300mln and 1bn barrels.

The project is just one of Europa’s plays in Ireland’s Atlantic margin.

“With a portfolio of seven licences covering 5,818 square kilometres, 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," Mackay highlighted.

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