South Porcupine 3D Seismic Program Begins

Europa Oil & Gas reported Monday that a 3D seismic data acquisition program in the South Porcupine Basin, offshore Ireland, has started.

The seismic acquisition program is taking place over the licenses FEL 2/13 and FEL 3/13, which cover approximately 580 square miles of the South Porcupine Basin.

Europa said that Kosmos Energy, the operator, secured the use of the M/V Polarcus Amani vessel for the program and that the company also obtained the appropriate permits from the relevant departments of the Irish government.

Europa CEO Hugh Mackay commented in a company statement:

"Out of all the Licensing Options awarded in the 2011 Atlantic Margin Licensing Round, the three operated by Kosmos, two of which Europa has a 15-percent interest in, are the first to be converted into FELs.

"The early award of the full licenses, along with the immediate commencement of the 3D seismic acquisition program, clearly demonstrate Kosmos' intent to actively pursue in the South Porcupine basin similar Cretaceous plays to those that it pioneered in the Atlantic Margin basins offshore West Africa.

"The recent entry of Cairn Energy and Woodside Petroleum into the South Porcupine basin, together with the on-going drilling by ExxonMobil at the nearby Dunquin prospect, not only highlight the prospectivity of the basin but also the scale of the interest shown by leading names in the oil and gas industry.

"As a result of all this activity and with much more to come, the exploration vision of the early movers who participated in the 2011 licensing round has been endorsed. This is a hugely significant first step on the path towards realizing the hydrocarbon potential of the Cretaceous stratigraphic play and we have done it a year early. I look forward to providing further updates on our progress in due course."

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