StockMarketWire.com - An independent competent person's report by ERC Equipoise Ltd has confirmed two new pre-rift prospects, Ervine and Edgeworth, in Europa Oil & Gas's licensing option offshore Atlantic Ireland.

Europa said the CPR followed in-house work conducted on proprietary 3D seismic data which identified a number of large pre-rift tilted fault blocks, potentially analogous to the Brent Province of the North Sea

ERCE independently assessed the prospective resources associated with two of these fault blocks, the Edgeworth and Ervine prospects, and assigned gross mean un-risked prospective resources of 251 mmboe and 302 mmboe respectively - above the 200 mmboe threshold considered by Europa to be the minimum economic field size.

It said that together with three Cretaceous fan prospects on Europa's 100% owned Frontier exploration licence 3/13, which adjoins LO 16/2, ERCE had audited over 2 billion boe of gross mean un-risked prospective resources across five prospects: Wilde, Beckett and Shaw in FEL 3/13 and Edgeworth and Ervine in LO 16/2.

Europa said using its internal estimates for FEL 2/13, LO 16/19, LO 16/20, LO16/21 and LO 16/22, this brought its total aggregated gross mean un-risked prospective resources across its seven Irish Atlantic margin licences to 4.7 billion boe and 1.5 tcf of gas.




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