|Europa interest||100% operator|
|Term||3 year Licensing Option|
LO 16/22 is located in the Padraig basin which is a remnant Jurassic basin on the eastern margin of the Rockall Trough. The most relevant analogue for the Padraig is the conjugate margin play offshore Newfoundland in the Flemish Pass basin which was opened up by Statoil’s play-making Bay du Nord oil discovery. Most industry efforts are concentrated on exploring for this play in the South Porcupine basin, but Europa’s restoration of the conjugate margin prior to Atlantic seafloor spreading suggests the possibility that the Padraig basin could be a better fit with the Flemish Pass basin.
Good quality 2D seismic acquired in 1998 suggests the presence of structures of significant size. In addition multiple leads in both pre-rift and syn-rift hydrocarbon plays have been mapped in water depths ranging from 800 to 2,000 metres. Gross mean unrisked indicative resources are estimated to be in the range of 300 to 600 million boe.
Europa is currently focused on maturing the leads to drillable prospect status by utilising the historic 2D seismic and wealth of high quality technical work previously carried out by major oil companies. A farm-in partner will be sought with whom to drill an exploration well.
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