Europa Achieves Farm-In Deal for Irish Licenses

UK and Ireland-focused Europa Oil & Gas reported Thursday that it has agreed a farm-in deal with a subsidiary of independent oil firm Kosmos Energy for its two licensing options in the South Porcupine Basin offshore Ireland.

The deal will see Kosmos acquire an 85-percent interest, and operatorship, of both the LO 11/7 and LO 11/8 licensing options in return for which Kosmos will fully fund the costs of a 3D seismic program on each license and pay 85 percent of the costs incurred by Europa to date.

In addition, if the companies agree to begin an exploration drilling phase on one or both of the blocks, Kosmos will also incur 100-percent of the costs of the first exploration well on each block. The first exploration wells on LO 11/7 and LO 11/8 have investment caps of $90 million and $110 million respectively. Europa said that costs in excess of this investment cap would see Kosmos fund just 85 percent of the additional amount, with Europa funding 15 percent.

Europa CEO Hugh Mackay commented in a statement:

"We are very pleased to have secured a respected leading independent such as Kosmos as a farm-in partner and operator for our Irish Licences. Kosmos are a highly experienced operator in frontier basins and pioneered the Cretaceous stratigraphic play that has resulted in significant exploration success in the Atlantic margin basins. We look forward to working with Kosmos and their involvement is a highly significant first step towards realising the potential value of our exciting prospects in a new hydrocarbon play located in an essentially undrilled basin offshore Ireland."

Mackay also noted that, with the Eirik Raude rig now in Irish waters and ready to drill Exxon's Dunquin well, "an exciting new chapter in the exploration of Ireland is starting and we are delighted to be part of it".

Oil sector analysts responded positively to the Europa/Kosmos deal. London-based finnCap commented that it was "a major milestone" for Europa. "Importantly, the deal not only provides funding, it also brings in a technically credible and experienced operator that helps validate the plays identified," a finnCap research noted stated Thursday.

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com.

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Europa Achieves Farm-In Deal for Irish Licenses

UK and Ireland-focused Europa Oil & Gas reported Thursday that it has agreed a farm-in deal with a subsidiary of independent oil firm Kosmos Energy for its two licensing options in the South Porcupine Basin offshore Ireland.

The deal will see Kosmos acquire an 85-percent interest, and operatorship, of both the LO 11/7 and LO 11/8 licensing options in return for which Kosmos will fully fund the costs of a 3D seismic program on each license and pay 85 percent of the costs incurred by Europa to date.

In addition, if the companies agree to begin an exploration drilling phase on one or both of the blocks, Kosmos will also incur 100-percent of the costs of the first exploration well on each block. The first exploration wells on LO 11/7 and LO 11/8 have investment caps of $90 million and $110 million respectively. Europa said that costs in excess of this investment cap would see Kosmos fund just 85 percent of the additional amount, with Europa funding 15 percent.

Europa CEO Hugh Mackay commented in a statement:

"We are very pleased to have secured a respected leading independent such as Kosmos as a farm-in partner and operator for our Irish Licences. Kosmos are a highly experienced operator in frontier basins and pioneered the Cretaceous stratigraphic play that has resulted in significant exploration success in the Atlantic margin basins. We look forward to working with Kosmos and their involvement is a highly significant first step towards realising the potential value of our exciting prospects in a new hydrocarbon play located in an essentially undrilled basin offshore Ireland."

Mackay also noted that, with the Eirik Raude rig now in Irish waters and ready to drill Exxon's Dunquin well, "an exciting new chapter in the exploration of Ireland is starting and we are delighted to be part of it".

Oil sector analysts responded positively to the Europa/Kosmos deal. London-based finnCap commented that it was "a major milestone" for Europa. "Importantly, the deal not only provides funding, it also brings in a technically credible and experienced operator that helps validate the plays identified," a finnCap research noted stated Thursday.

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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Europa Begins Seismic Acquisition over UK Onshore License

Europa Oil & Gas announced Tuesday that it has started the acquisition of 2D seismic data on its onshore PEDL 181 license in east Lincolnshire, UK.

According to the company, PEDL 181 is located in a working hydrocarbon system where a number of discoveries have been made.

Europa said that it will focus on four leads in the southern part of the license, where several prospects have been confirmed following technical evaluation. Three leads lie within the northeast trending Caistor anticline, while another – named Cuxwold – is located south of the anticline.

Europa's existing oil production at the Crosby Warren field lies at the westernmost end of the Brigg-Broughton anticline – which is an analogous trend to the west of the Caistor anticline.

The company has now begun the acquisition of approximately 50 miles of 2D seismic, as well as the reprocessing of existing 3D seismic over the Caistor anticline.

Europa CEO Hugh Mackay commented in a statement:

"The identification of four leads on PEDL 181, which is located next to the PEDL 180 & 182 licences, where we are due to drill an exploration well this year, and our producing oil field at Crosby Warren, is highly encouraging. As previously identified targets are drilled, it is important we maintain a pipeline of leads and prospects at various stages of development.

"Our strategy of developing a diversified asset base comprised of multiple licences including UK production and exploration, a gas appraisal project onshore France, and high impact frontier exploration in the Irish Atlantic Margin where we recently identified two large prospects, provides a portfolio for future drilling. The results of the 2D seismic acquisition
programme, alongside the interpretation of the reprocessed existing 3D datasets, will further define the prospectivity of the PEDL 181 licence and determine our future work programme."

Europa has a 50-percent interest in the PEDL 181 license and is the operator. Egdon Resources UK and Celtique Energie Petroleum each hold a 25-percent stake.

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Europa Begins Seismic Acquisition over UK Onshore License

Europa Oil & Gas announced Tuesday that it has started the acquisition of 2D seismic data on its onshore PEDL 181 license in east Lincolnshire, UK.

According to the company, PEDL 181 is located in a working hydrocarbon system where a number of discoveries have been made.

Europa said that it will focus on four leads in the southern part of the license, where several prospects have been confirmed following technical evaluation. Three leads lie within the northeast trending Caistor anticline, while another – named Cuxwold – is located south of the anticline.

Europa's existing oil production at the Crosby Warren field lies at the westernmost end of the Brigg-Broughton anticline – which is an analogous trend to the west of the Caistor anticline.

The company has now begun the acquisition of approximately 50 miles of 2D seismic, as well as the reprocessing of existing 3D seismic over the Caistor anticline.

Europa CEO Hugh Mackay commented in a statement:

"The identification of four leads on PEDL 181, which is located next to the PEDL 180 & 182 licences, where we are due to drill an exploration well this year, and our producing oil field at Crosby Warren, is highly encouraging. As previously identified targets are drilled, it is important we maintain a pipeline of leads and prospects at various stages of development.

"Our strategy of developing a diversified asset base comprised of multiple licences including UK production and exploration, a gas appraisal project onshore France, and high impact frontier exploration in the Irish Atlantic Margin where we recently identified two large prospects, provides a portfolio for future drilling. The results of the 2D seismic acquisition
programme, alongside the interpretation of the reprocessed existing 3D datasets, will further define the prospectivity of the PEDL 181 licence and determine our future work programme."

Europa has a 50-percent interest in the PEDL 181 license and is the operator. Egdon Resources UK and Celtique Energie Petroleum each hold a 25-percent stake.

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Europa Makes Steady Progress

Europa Oil & Gas reported Tuesday that its UK production for the first six months of its financial year was in line with management expectations at an average volume of 177 barrels of oil equivalent per day (boepd) .

Europa currently has three producing assets onshore in the East Midlands region of the UK. It has a 100-percent working interest in the West Firsby and Crosby Warren fields as well as a 65-percent working interest in the Whisby 4 well. During the period workovers were successfully completed on two West Firsby wells, and both wells are now back on production, said the firm.

Europa added that the company is on target to deliver its full-year average production target of 180 boepd.

Europa CEO Hugh Mackay commented in a statement:

"I am highly encouraged by the continuing good performance of our producing UK assets which has generated revenues of GBP 2.2 million ($3.4 million) in the first half of this year. The back to back workovers on the two West Firsby wells were potentially disruptive and I commend our operations team for their efforts, dedication and professionalism in completing the work efficiently."

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Europa Makes Steady Progress

Europa Oil & Gas reported Tuesday that its UK production for the first six months of its financial year was in line with management expectations at an average volume of 177 barrels of oil equivalent per day (boepd) .

Europa currently has three producing assets onshore in the East Midlands region of the UK. It has a 100-percent working interest in the West Firsby and Crosby Warren fields as well as a 65-percent working interest in the Whisby 4 well. During the period workovers were successfully completed on two West Firsby wells, and both wells are now back on production, said the firm.

Europa added that the company is on target to deliver its full-year average production target of 180 boepd.

Europa CEO Hugh Mackay commented in a statement:

"I am highly encouraged by the continuing good performance of our producing UK assets which has generated revenues of GBP 2.2 million ($3.4 million) in the first half of this year. The back to back workovers on the two West Firsby wells were potentially disruptive and I commend our operations team for their efforts, dedication and professionalism in completing the work efficiently."

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here