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

The Cretaceous fan play is developed in FEL 3/13 which is located on the East flank of the Porcupine basin. A CPR by ERC Equipoise in May 2015 confirmed gross mean un-risked prospective resources of 1.49 billion boe. ERCE also identified an un-risked NPV10 of US$7 billion across three Cretaceous fan prospects on the licence

FEL 3/13 Gross Prospective Resources Mmboe*
Prospect Un-risked Chance of success 1 in
Low Best High Mean
Wilde 61 239 952 428 19% 5.3
Beckett 109 424 1661 749 15% 6.7
Shaw 57 198 681 315 13% 7.7
Total 227 861 3294  1492    

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.

In August 2016, phase 1 of FEL 3/13 (and FEL 2/13) was extended by one year to 4 July 2017. The extension will allow 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.

Ireland