Europa Oil & Gas has nearly doubled the estimate of gross, mean, un-risked prospective resources on Frontier Exploration Licence (FEL) 3/13 located in the South Porcupine Basin, Atlantic Ireland.
The licence is said to host 2.9 billion barrels of oil equivalent, a 93% rise from the previous estimate of 1.5 billion barrels.
Europa recently carried out pre-stack depth migration (PSDM) reprocessing of 3D seismic data for the FEL 1/17, FEL 2/13 and FEL 3/13 licences. The data was acquired in 2013.
The updated estimate of FEL 3/13 was confirmed following a detailed interpretation of this data.
The company also noted that the 3D seismic data also confirmed and verified the Beckett, Shaw and Wilde prospects at FEL 3/13.
In the latest upgrade, Beckett and Shaw are defined as a fan sequence featuring multiple fan cycles (250m-325m gross).
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Both these prospects were also marked thicker and wider compared to the previous mapping significantly increasing their estimated volumes.
Based on the seismic information, the Wilde prospect is also now defined with more clarity.
Europa Oil & Gas CEO Hugh Mackay said: “In FEL 3/13 we are seeing the first fruits of Europa’s major investment in 3D seismic data reprocessing in Atlantic Ireland.
“The size of the prize in FEL 3/13 has nearly doubled from 1.5 to 2.9 billion barrels of oil equivalent. Confidence in, and definition of, the Wilde prospect has increased significantly, whilst our new understanding of the size and thickness of the Beckett-Shaw fan-system has had a transformative effect on estimated volumes.”
The company is currently engaged in evaluating the 2018 reprocessed 3D seismic data over FEL 2/13 and FEL 1/17.