FEL 4/19 becomes Europa’s fourth FEL in a portfolio of six offshore Ireland licenses, it is 100%-owned by the company and is located next to the producing Corrib gas field in the Slyne Basin. It includes Europa’s flagship Inishkea gas exploration prospect and the 18/20-7 Corrib North gas discovery.
Inishkea is a large fault-bounded Triassic structure; the reservoir is Triassic age Corrib sandstone, the gas is sourced from the underlying Carboniferous and the trap is provided by a combination of Triassic Uilleann Halite top seal and fault seal. Given the company’s confidence in trap and reservoir quality and the nearby producing Corrib gas field, Inishkea represents a low-risk opportunity considered to generate high exploration reward.
A drilling location for a first exploration well on Inishkea (18/20-H) has been identified. The location benefits from a robust, low-risk tie on seismic data for the Corrib Sandstone reservoir back to the Corrib gas field.
The Inishkea prospect has estimated gross mean un-risked prospective gas resources of 1.5 TCF and has been assigned a one in three chance of success. The next step for the License includes a site survey in preparation for drilling an exploration well, subject to funding and regulatory consent. An application to obtain a site survey on the Inishkea prospect is in process.
In addition to Inishkea, the Licence holds the Corrib North structure containing the 18/20-7 gas discovery well drilled by Shell in 2010. Gas was then discovered while targeting an oil play in the Middle Jurassic. This well encountered a promising gas column in the deeper Triassic Sherwood Sandstone formation.
Europa has currently identified a wide range of gas initially in place (GIIP) in the Corrib North discovery and subject to a favourable outcome to engineering studies it may be possible to upgrade to contingent resources.