Europa Oil&Gas provides technical update on license option 16/22

22nd Aug 2016 16:30

(ShareCast News) - Europa Oil&Gas's recently awarded licensing option 16/22 had un-risked indicative resources in the range of between 300 to 600m barrels of oil equivalent, the company said in a technical update.The explorer had a 100% interest in the licence, which covered 992 square kilometres in the Padraig basin.Multiple leads had been mapped in water depths ranging from 800 to 2,000 metres in both pre-rift and Syn-rift hydrocarbon plays.According to the explorer, the most relevant analogue was the conjugate margin play offshore Newfoundland in the Flemish Pass BasinA strategy was in place to secure a farm-in partner with whom to reprocess historic 2-D seismic over LO 16/22 and to mature leads to drillable prospect status, Europa Oil&Gas said in a statement.Europa CEO Hugh Mackay said: "Following Statoil's exploration success at the play-opening Bay du Nord oil discovery in the Flemish Pass basin offshore Newfoundland there is considerable industry interest in Flemish Pass analogues being found offshore west Ireland."Whilst most of the industry is currently focused on exploring for this play in the South Porcupine basin our restoration of the conjugate margin prior to Atlantic seafloor spreading suggests the possibility that the Padraig basin may be a better fit with the Flemish Pass basin."Shares of Europa Oil&Gas finished the session up by 2.56% to 5.00p.