|Europa interest||100% operator|
|Play||Triassic sandstone (gas)|
|Term||2 year Licensing Option|
LO 16/20 is located in the Greater Corrib area of the Slyne basin. Unlike licences in the Porcupine, LO 16/20 represents exploration in a proven play which is in the vicinity of the producing Corrib gas field where substantial gas infrastructure is already in place. The Greater Corrib play comprises Triassic sandstone reservoirs in tilted fault block structures with hydrocarbons generated from Carboniferous source rocks. The licence is partially covered by historic 3D seismic data, as well as extensive 2D seismic. Water depths range from 300 to 2,000 metres.
Europa has identified a number of prospects and leads on LO 16/20 with estimated gross mean unrisked prospective and indicative resources of 1.0 tcf gas.
Europa is currently focused on maturing the leads on the licence to drillable prospect status by reprocessing the historic 3D seismic and securing a farm-in partner with which to drill a low-cost, low-risk exploration well.
Were any of these leads and prospects to be matured to drillable status, it is expected that the geological chance of success would be high, drill costs low (reflecting the comparatively shallow water depth) while the proximity to gas infrastructure is potentially another highly favourable factor. For example, prospect TR1 in LO 16/20 lies 16km to the northwest of Corrib in water depths of 500 metres.