Europa Oil & Gas reported Wednesday that first-pass seismic mapping of its wholly-owned Kiernan prospect in Licensing Option 11/7 in the Irish Atlantic Margin has yielded "positive results".
Europa said that that the seismic data acquired shows that Kiernan, located within the South Porcupine Baisin, comprises three stratigraphic traps in three reservoirs: Barremian, Valanginian A and Valanginian B.
At Barremian, the firm has estimated mean un-risked indicative resources of 355 million barrels of oil (or 2.3 trillion cubic feet (Tcf) in the case of gas), while at Valanginian A and Valanginian B it estimates 5.8 Tcf and 1.9 Tcf of gas respectively.
Europa said that technical work continues in the license area but that it believes the basin has the potential to host a new hydrocarbon province and is encouraged by the results of the initial prospect evaluation.
In a brief research note on Europa, London-based investment bank N+1 Singer described the seismic results as "very encouraging", although cautioned that exploration of the Kiernan prospect "is clearly very early stage".
Europa discovered the Kiernan prospect, along with the Mullen prospect, in September 2012. Mullen has an estimated 480 million barrels of oil.
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