Size of FEL 3/13 'Prize' Nearly Doubles
Europa Oil & Gas (Holdings) plc announced Tuesday the near doubling of its estimate of gross mean un-risked prospective resources on FEL 3/13 in the South Porcupine Basin.
This estimate rose from 1.5 billion barrels of oil equivalent (boe) to 2.9 billion boe, following the completion of pre-stack depth migration reprocessing of 3D seismic data originally acquired in 2013.
“In FEL 3/13 we are seeing the first fruits of Europa’s major investment in 3D seismic data reprocessing in Atlantic Ireland. The size of the prize in FEL 3/13 has nearly doubled,” Hugh Mackay, Europa Oil & Gas CEO, said in a company statement.
“Confidence in, and definition of, the Wilde prospect has increased significantly, whilst our new understanding of the size and thickness of the Beckett-Shaw fan-system has had a transformative effect on estimated volumes,” he added.
“Europa intends to launch a farm-out process for FEL 3/13 once we have brought our other Porcupine licenses (FEL 2/13 and FEL 1/17) to the same level of evaluation and we expect to make an announcement on this in the next few months,” Mackay continued.
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