Europa Oil & Gas boss, Hugh Mackay, today said the firm had made the “critical first step” in unleashing the hydrocarbon potential in the South Porcupine basin.
It comes as the firm kicked-off its 3D seismic acquisition offshore Ireland.
Chief executive Hugh Mackay said: “The acquisition of 3D seismic is the critical first step towards unlocking the hydrocarbon potential of any licence in the South Porcupine basin. We are therefore pleased that acquisition operations have begun for LO 16/19. We expect to receive a processed product in 2018 after which we can begin detailed interpretation of the 3D data and in due course deliver a prospect inventory, as we look to add to the 32 prospects we have already identified within our Irish portfolio across six different play types and three basins.”
The 3D seismic is also expected to carried out over Europa’s 30% owned Licensing Option 16/19 over the next few months.
A technical update on the 976km2 LO 16/19 was previously released by the company identified the potential for several Cretaceous submarine fans with gross mean un-risked prospective resources in the range of 300 million to 1 billion boe.
Mr Mackay added: “We note the imminent start of drilling operations in FEL 2/14 some 100km south of LO 16/19. The outcome of this well is not only relevant to our Cretaceous fan and Paleocene prospects and leads in the basin, it also has the potential to de-risk all four of our South Porcupine licences across which we have identified gross mean un-risked prospective resources of over four billion barrels oil equivalent, half of which have been independently audited by a Competent Person.”
In 2016 Europa produced 123 boepd. Its prospective exploration projects include the Wressle development, targeting production at up to 500 bopd gross, in the UK and seven licences offshore Ireland with the potential to host gross mean un-risked prospective and indicative resources of more than four billion barrels oil equivalent and 1.5 tcf gas across all seven licences, according to company reports.