Europa upbeat ahead of Crean 3D survey

UK and Ireland-focussed oil and gas exploration, development and production company Europa Oil & Gas noted on Tuesday a press release issued by TGS on 24 April, regarding its new multi-client acquisition project, Crean 3D on the Irish Atlantic Margin:

The AIM-traded firm said the Crean 3D survey would cover all of its LO 16/19 at 976 square kilometres.

A technical update on LO 16/19 was previously released on 18 July 2016, in which Europa identified the potential for several cretaceous submarine fans with gross mean un-risked prospective resources in the range of 300 million to 1 billion barrels of oil equivalent.

It described Crean 3D as a multi-client survey of more than 5,400 square kilometres located in the South Porcupine Basin between the Porcupine High and the Irish Mainland Platform.

Subject to government approval, the survey was expected to commence in June 2017.

Data processing would be performed by TGS using its Clari-Fi broadband technology.

Subject to obtaining government consent, Europa had farmed out a 70% interest and operatorship in LO 16/19 to a wholly owned subsidiary of Cairn Energy.

Europa will be carried for a $6m work programme, its board reiterated, which would include participation in the Crean 3D over LO 16/19:

“The inclusion of our licence in a 5,400 km2 multi-client survey demonstrates the step-up in activity being seen offshore Ireland,” said Europa CEO Hugh Mackay.

“This not only includes the acquisition of 3D seismic by various operators but also high impact drilling operations starting this summer.”

Mackay said success at any of the wells currently being planned would be “game-changing” for the basin.

“With a portfolio of seven licences covering 5,818 square kilometres, six play types, three basins, and twenty prospects and leads, Europa will have an industry leading position in what would be a new hydrocarbon province in western Europe.”