UK-based Europa Oil & Gas has started the farmout process for three frontier exploration licences (FEL) in the South Porcupine Basin, Atlantic Ireland.

The 1/17, 2/13 and 3/13 FELs, which are 100% owned and operated by Europa, are estimated to possess a total of 4.3 billion barrels of oil equivalent (boe) in gross mean un-risked prospective resources.

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Europa has also completed an update to prospect inventory of the 1/17 and 2/13 licences through pre-stack depth migration (PSDM) reprocessing of the 3D seismic data that was originally acquired in 2013.

The update is said to have led to an improvement in seismic quality, as well as substantial de-risking of the prospect inventory.

Europa Oil & Gas CEO Hugh Mackay said: “The PSDM reprocessing of our proprietary 3D seismic data sets over our South Porcupine licences has transformed the prospect inventory.

“This extension increases the contract with Petrogas to a total of 106 days.”

“Prospect volumes have changed, but more importantly the accuracy of our maps and our confidence in them, has substantially increased. Our prospects are tightened up and de-risked. We now have firm drilling targets with clearly positive economics on each licence.”

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After the new reprocessing, the gross mean un-risked prospective resources in FEL 1/17’s Edgeworth and Ervine pre-rift tilted fault blocks has been decreased to 225Mboe and 192Mboe respectively.

A new prospect, Egerton, has also been identified with 167Mboe.

In FEL 2/13, the company is focussing on Kiely East and Kiely West pre-rift prospects, along with the Kilroy Cretaceous target.

Currently, the drilling targets in 1/17, 3/13 and 2/13 are Edgeworth, Wilde and Kiely East prospects respectively.