FEL 3/13

 

Licence FEL 3/13
Europa interest 100% operator
Partners -
Area Km2 782
Basin South Porcupine
Play Cretaceous Fan, Pre-rift
Term Phase 1 of 15 yr FEL

In January 2016 Europa released a Competent Persons Report by ERC Equipoise identifying three Cretaceous fan prospects: Beckett, Shaw and Wilde, with combined gross mean un-risked prospective resources of 1.5 billion boe and un-risked NPV10 of $7 billion. Pre-stack depth migration (PSDM) reprocessing of the 3D seismic data in 2018 verified the three prospects and nearly doubled the size of the prize. Europa in-house estimate for gross mean un-risked prospective resources across the three prospects is now 2.9 billion boe.

FEL 3/13 Gross Prospective Resources Mmboe*
Prospect Un-risked
Low Best High Mean
Wilde 45 241 1082 462
Beckett 111 758 4229 1719
Shaw 20 196 1726 747
Total 176 1195 7037 2928

*million barrels of oil equivalent. The hydrocarbon system is considered an oil play and mmboe is used to take account of associated gas. However, due to the significant uncertainties in the available geological information, there is a possibility of gas charge.

Prospect Wilde is considered drill ready with a geological chance of success of 1 in 5. The drill costs are estimated to be US$37 million excluding mobilisation and demobilisation.

Phase 1 of FEL 3/13 (and FEL 2/13) has been extended to 4 July 2019. The extension allows Europa to mature existing prospects and perform detailed mapping of all potential prospective levels on the licence, including the pre-rift, syn-rift and post-rift plays, whilst continuing to seek a farm-out partner for drilling.