Europa Oil & Gas Holdings Plc (LON:EOG) has revealed new estimates for several exploration targets, each seen between 300mln and 1bn barrels, in its recently acquired acreage.
Licensing Option 16/19 was awarded to Europa in Ireland’s latest licencing round, and the highly prospective acreage is now being rolled into an ongoing farm-out process alongside an adjacent area.
The exploration company highlighted that ‘Cretaceous submarine channels’ seen in its neighbouring FEL 2/13 cross into LO 16/19.
“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,” said Hugh Machay, Europa chief executive.
“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.”
Mackay added that the recent entry of majors and super-majors into the basin is already having an impact in what he describes as a ‘hotspot’.
“Europa has prime acreage in what is clearly an exploration hotspot and we look forward to developments with great interest,” he added.