Europa Oil & Gas said Tuesday that it believes the South Porcupine Basin, in the Irish Atlantic Margin, has the potential to host "a new hydrocarbon province" after seismic reprocessing produced positive results over one of its prospects there.
Reporting a technical update of its Mullen prospect, which lies within South Porcupine on Licensing Option 11/7, an analysis of data acquired there suggest resources that range from 66 million to 1.1 billion barrels of oil. P50 resources at Mullen are estimated at 318 million barrels.
Europa added that while first-pass seismic reprocessing over the Mullen prospect has been completed it is still engaged in reprocessing seismic data over its Kiernan prospect on Licensing Option 11/8.
"First pass seismic reprocessing over our Mullen prospect has proved positive. We are pleased to note that the P50 resources of 318 million barrels of oil are supported by an amplitude shut off, with indicative resources ranging from 66 million (P90) up to over a billion (P10) barrels of oil. Since our identification of these two large, previously unknown prospects, significant progress has been made towards uncovering the potential of these large structures," Europa CEO Hugh Mackay said in a company statement.
Will Arnstein, an oil sector analyst at London-based investment bank FinnCap, commented in a research note that the Mullen prospect is a "material opportunity for Europa", but that securing a joint venture partner will be "a key next step".
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