Offshore Oil Exploration Success off Ireland

Published at 04:51PM - 22/08/16

Offshore oil exploration off the west coast of Ireland yield successful results for Europa Oil & Gas this week.

The company estimates indicate gross mean un-risked indicative resources in the range of 300-600 million barrels of oil equivalent.

“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,” Europa Oil & Gas CEO Hugh Mackay said.

Offshore Oil Exploration Success off Ireland

The licensing option (LO 16/22) located in the Padraig basin, at the eastern margin of the Rockhall Through, is believed to host reservoirs like the ones discovered in a geologically similar area off the Canadian coat, especially at the Flemish Pass.

Europa Oil & Gas holds an interest and is the operator of seven licences in the Atlantic basins offshore Ireland, including LO 16/22.

Offshore Oil Drilling Success off Ireland
Europa Oil & Gas Licensing Map Offshore Ireland

To accelerate exploration, the company’s strategy is to secure a farm-in partner to reprocess historic 2D seismic data over the licence and participate in exploration drilling.

South Porcupine is “a Better Fit” with Flemish Pass

According to Mackay, most of the industry is currently focused on the exploration of the South Porcupine basin, but the company’s data suggests 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,” he stated.

Europa Oil & Gas has a working programme to de-risk the Padraig basin, currently at an early exploration stage.

“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,” the CEO explained.