UK-based junior explorer Europa Oil & Gas announced Tuesday that an analysis of the Porcupine Basin, offshore Ireland, estimates it contains prospective resources of almost 1.5 billion barrels of oil equivalent. The Porcupine Basin lies within Frontier Exploration Licence 3/13, off the west coast of Ireland.
Europa's in-house team had already conducted its own independent prospect mapping, based on proprietary 3D seismic data acquired in 2013. This data was provided to ERC Equipoise Ltd, which produced a competent persons report that estimated total gross un-risked mean prospective resources of 1.49 billion barrels of oil equivalent after undertaking its own assessment of the Wilde, Beckett and Shaw prospects.
Europa, which holds a 15-percent stake in the FEL 3/13 license, has had 225 million barrels of these resources attributed to it. Independent oil and gas firm Kosmos Energy holds an 85-percent stake in FEL 3/13.
In a phone call to Rigzone, Europa CEO Hugh Mackay said: "The next step for us is to get ERC to come up with a value of the resources at the prospect."
Mackay then expects Kosmos to farm down some of its interest in the Porcupine license ahead of a proposed drill in 2017. Then, production start-up could occur within four years.
"That would be a fast-track development. But with an FPSO [floating production, storage and offloading vessel] all things are possible," Mackay added, pointing out that Kosmos achieved a fast-track development with its Jubilee field, offshore Ghana.
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