|Partners||Capricorn 70% (operator)|
|Play||Cretaceous Shelf, Paleocene|
|Term||2 year Licensing Option|
LO 16/19 is located on the west flank of the Porcupine basin. The channels identified in the Europa-operated FEL 2/13 feed submarine fans developed in LO 16/19. The seismic architecture of the channels in FEL 2/13 contain features consistent with sandstone deposition and Europa believes that these sandstones are also deposited in the fans identified on LO 16/19. There is potential for several Cretaceous submarine fans with a range of 300 million to 1 billion boe gross mean unrisked prospective resources in LO 16/19. In addition, evidence of gas escape features on seismic and sea bed pock marks suggest the presence of an active source rock. Well 43/13-1, which was drilled by BP in 1998 approximately 20km from LO 16/19, saw oil shows and encountered source rocks.
On 8 March 2017, Europa announced the farm-out of a 70% interest in LO 16/19 to leading independent Cairn Energy. Under the terms of the farm-out Cairn will fully fund a US$6million work programme including a 3D seismic survey over LO 16/19 to further mature the prospect inventory towards drillable status.