There are three new pre-rift prospects in licensing option (LO) 16/2 with combined prospective resources of 895 MMboe. The pre-rift play, proven in the Flemish Pass basin offshore Newfoundland, is thought to potentially extend into the South Porcupine basin.
All the prospects were mapped on Europa’s proprietary 3D seismic, acquired in 2013, which also covers the frontier exploration license (FEL) 3/13.
Here the Cretaceous fan play includes prospective resources of 1.5 Bboe across three prospects: Wilde, Beckett, and Shaw. Wilde, considered drill-ready, has a geological chance of success of 1 in 5, with estimated drilling costs of $37 million excluding mob/demobilization.
Europa also has a 100% interest in FEL 2/13 and LO 16/19 on the basin’s western flank. FEL 2/13 contains a number of Cretaceous submarine channels mapped on the company’s proprietary 948-sq km (366-sq mi) 3D seismic survey – these cross the license from west to east, feeding submarine fans developed in LO 16/19.
Four prospects - Doyle A, B, C, and Heaney have been mapped on the seismic in FEL 2/13 with prospective total resources of 595 MMboe.
There is also potential for several Cretaceous submarine fans with resources in the range 300 MM to 1 Bboe in LO 16/19.
Europa plans to mature its prospect inventory, seek a farm-in partner and apply to convert the LO to an FEL, acquire a 3D seismic survey, and eventually drill an exploration well (subject to a positive technical and commercial outcome from the 3D seismic program).
The one-year extension for FEL 2/13 Phase 1 will enable completion of technical work and integration with LO 16/19.
Other operators in the basin are exploring for Cretaceous fans. Any exploration drilling success in the Cretaceous fan play could further de-risk the prospects in all Europa’s South Porcupine licenses.