StockMarketWire.com - Europa Oil & Gas has announced an update on its 100% owned licensing option 16/20 in the Slyne basin, offshore Ireland which lies adjacent to the producing Corrib gas field.

The company said it had mapped a number of significant structures at LO 16/20 which were potentially gas bearing and the board believes that these could contain in excess of 2.5 trillion cubic feet (tcf) of gas in place combined.

It said work was in progress to estimate the prospective resources arising from this gas in place and these are anticipated to be significantly more than the 1 tcf prospective resources (1.4 tcf gas in place) previously mapped on the licence.

This update follows technical work carried out by Europa on legacy 3D seismic and on data recently released from the 18/20-7 exploration well drilled by Royal Dutch Shell in 2010) into Corrib North, a Triassic sandstone reservoir prospect located on LO 16/20.

Log data from the well suggests the presence of gas at Corrib North which is a separate anticline some 7km north of the Corrib gas field.


At 9:30am: [LON:EOG] Europa Oil Gas Holdings PLC share price was +0.38p at 5.75p



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