The area is covered by more than 1,800 km (1,118 mi) of historic 2D seismic. Europa’s preliminary mapping has identified potential for numerous submarine fans with combined prospective resources in the range of 300 MMboe to 1 Bboe.
LO 16/19 is east of and contiguous with the company’s frontier exploration license (FEL) 2/13 where a 948-sq km (366-sq mi) 3D seismic survey was acquired in 2013.
FEL 2/13 has various Cretaceous submarine channels crossing the license from west to east and which also appear to feed submarine fans developed in LO 16/19.
The seismic architecture of these channels contains features consistent with sandstone deposition and these sandstones may also have been deposited in the fans in LO 16/19.
In addition, there is evidence of gas escape features on seismic and sea bed pock marks suggesting the presence of an active source rock. BP’s 43/13-1 well drilled in 1998 around 20 km (12.4 mi) from LO 16/19 produced oil shows and encountered source rocks.
The duration of the new LO is for two years. Europa plans to mature the prospect inventory and will seek a farm-in partner to convert the concession to an FEL, acquire a 3D seismic survey, and drill an exploration well (subject to a positive technical and commercial outcome from the 3D seismic program).
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