StockMarketWire.com - Europa Oil & Gas (EOG) released detailed technical information on the recently awarded licensing option (LO) 16/19.

Europa has a 100% interest in, and is operator of, seven licences in the Atlantic basins offshore Ireland including LO 16/19, which covers 976kmĀ² in the highly prospective South Porcupine Basin.

HIGHLIGHTS

- Potential for several Cretaceous submarine fans with a range of 300 million to 1 billion boe (barrels of oil equivalent) gross mean un-risked prospective resources

- Cretaceous submarine channels demonstrated to cross from Europa's adjacent FEL 2/13 licence and deposit submarine fans in LO 16/19

- Strategy to expedite exploration by securing a farm-in partner with which to acquire 3D seismic over LO 16/19

- Increased activity with majors and super-majors already shooting 3D seismic in the South Porcupine Basin during summer 2016

Europa CEO Hugh Mackay said: "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.

"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.

"The entry of majors and super-majors into the basin is already having an impact: Woodside Energy have completed acquiring 3D seismic in the South Porcupine Basin and we understand that CGG is currently shooting a multi-client 3D seismic survey in the South Porcupine and Goban Spur areas.

"Europa has prime acreage in what is clearly an exploration hotspot and we look forward to developments with great interest."




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