LO 16/22 was awarded to Europa as part of Phase 2 of the 2015 Atlantic Margin Licensing Round (illustration: Europa Oil & Gas)

Europa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration, development and production company focused on Europe, has provided detailed technical information on the recently awarded Licensing Option (LO) 16/22. Europa has a 100% interest in, and is operator of, seven licences in the Atlantic basins offshore Ireland including LO 16/22, which covers 992km² in the Padraig Basin.

Europa CEO Hugh Mackay says, “Following Statoil’s exploration success at the play-opening Bay du Nord oil discovery in the Flemish Pass basin offshore Newfoundland there is considerable industry interest in Flemish Pass analogues being found offshore west Ireland. Whilst most of the industry is currently focused on exploring for this play in the South Porcupine basin our restoration of the conjugate margin prior to Atlantic seafloor spreading suggests the possibility that the Padraig basin may be a better fit with the Flemish Pass basin.”

“The potential of the Flemish Pass play in Ireland is currently being pioneered in the South Porcupine basin by the oil majors. If they achieve exploration success we expect there will be clear technical read across to, and potentially de-risking of, our Padraig licence and in due course this might encourage a second phase of drilling in the perched basins on the Rockall margin. Whilst the Padraig Basin play is currently at an early exploration stage and at the higher risk end of the exploration spectrum, we have a work programme to de-risk this evolving play. In particular we are hopeful that successful reprocessing of historic 2-D seismic might allow us to mature existing leads to drillable prospect status at comparatively low cost and without the necessity to acquire new seismic data,” concludes Mackay.

Tags: Europa Oil & Gas (Holdings) plc