FEL 1/17

 

Licence FEL 1/17 (previously LO16/2)
Europa interest 100% (operator)
Partners -
Area km2 523
Basin South Porcupine
Play Cretaceous Shelf, Syn-rift, Pre-rift
Term 2 year Licensing Option

 

FEL 1/17 adjoins the eastern boundary of FEL 3/13 on the east flank of the Porcupine basin. Results of a CPR by ERC Equipoise ("ERCE") were published in May 2017.

The CPR follows in-house work conducted on proprietary 3D seismic data, shot in 2013, which identified a number of large pre-rift tilted fault blocks, potentially analogous to the Brent Province of the North Sea.

ERCE independently assessed the Prospective Resources associated with two of these fault blocks, the Edgeworth and Ervine prospects, and assigned gross mean un-risked Prospective Resources of 251 mmboe and 302 mmboe respectively

Both prospects are above the 200 mmboe threshold considered by Europa to be the minimum economic field size.

ERCE’s estimates of Prospective Resources for Edgeworth and Ervine are tabulated below.

 

Gross Un-risked Prospective Resources mmboe*

Chance of success

1 in

Prospect

Low

Best

High

Mean

Ervine

24

117

579

251

12%

8.0

Edgeworth

39

162

675

302

15%

6.9

Deterministic Total

63

279

1254

553

 

 

*million barrels of oil equivalent, using a conversion factor of 6 Mscf per stb. Gross Un-risked Prospective Resources are 100% of the volumes estimated to be recoverable from an accumulation. The hydrocarbon system is modelled as an oil play. However, due to the significant uncertainties in the available geological information, there is a possibility of gas charge.

In addition Europa has made in-house estimates for a third fault block in LO 16/2 named prospect PR-3. These estimates are tabulated below.

 

Gross Un-risked Prospective Resources mmboe*

Prospect

Low

Best

High

Mean

PR-3

27

168

833

345

 

PSDM reprocessing over FEL 1/17 has commenced. This is expected to de-risk all three prospects and potentially upgrade them to drillable status.