Europa Oil & Gas (Holdings) Plc (LON:EOG) continues to unearth and detail the potential within its recently expanded exploration portfolio in the Atlantic waters off Ireland’s west coast.
It estimated between 300mln and 600mln barrels of indicative oil equivalent resources in the Licensing Option 16/22 in the Padraig Basin, which is located at the eastern margin of the Rockall Trough.
This latest technical update, released on Monday, covered an area in one of the seven licences and licence options in the Europa portfolio.
At its crux the exploration concept is typical of the group’s portfolio – the area is believed to host reservoirs like those discovered in a geologically similar area on the other side of the Atlantic off the Canadian coast (specifically those discovered by StatOil at the Flemish Pass).
Europa has staked 100% of these areas and the plan is to bring in partners to participate in exploration drilling.
“Following Statoil’s exploration success at the play-opening Bay du Nord oil discovery in the Flemish Pass basin offshore Newfoundland there is considerable industry interest in Flemish Pass analogues being found offshore west Ireland,” said Hugh Mackay, Europa chief executive.
“Whilst most of the industry is currently focused on exploring for this play in the South Porcupine basin our restoration of the conjugate margin prior to Atlantic seafloor spreading suggests the possibility that the Padraig basin may be a better fit with the Flemish Pass basin.
“The potential of the Flemish Pass play in Ireland is currently being pioneered in the South Porcupine basin by the oil majors.”
Mackay added that the Padraig Basin would likely be focus of follow on phases of exploration.
“Whilst the Padraig Basin play is currently at an early exploration stage and at the higher risk end of the exploration spectrum, we have a work programme to de-risk this evolving play.
“In particular we are hopeful that successful reprocessing of historic 2-D seismic might allow us to mature existing leads to drillable prospect status at comparatively low cost and without the necessity to acquire new seismic data.”