Europa Oil & Gas in the South Porcupine Basin: Past, Present and Future Hugh Mackay Ireland Oil & Gas Summit Dublin 10-11 September 2013 www.europaoil.com
Agenda 1. Introduction 2. Why South Porcupine 3. What we are doing now 4. What we will do next
1. INTRODUCTION
PORTFOLIO UK FRANCE production and gas appraisal low exploration low risk/moderate risk/modest reward reward IRELAND The Irish Atlantic frontier oil exploration high Margin East Midlands Oilfields risk/high reward and…
PORTFOLIO PERSPECTIVE 5
IMPACT OF IRISH PROSPECTS ON NAV Mean risked Portfolio NAV 302M Median (P50) Portfolio NAV 78M Based on CPR risked and diluted volumes 6
KEY DATA MARKET AIM TICKER EOG SHARE PRICE 9.00p (02.09.13) MARKET CAP 12.41 million SHARES IN ISSUE 137,855,504 NOMINATED ADVISER & finnCap Ltd BROKER 7
2. WHY SOUTH PORCUPINE
Frontier Play Exploration Wells 2008-12
Porcupine Basin well spuds 31 wells in total since 7 1977 6 1 well in South 5 Porcupine basin proper Nuber of wells 4 1 well on flank Technical success at 3 Connemara, Spanish 2 point and Burren 1 No commercial…
Previously in the Porcupine Previous exploration limited by: Mindset seeking the next North Sea and using Central Graben geological model Water depth most…
Whats changed 1000 m water depth exploration drilling is routine Ultra-deepwater units capable of 3650 m water depth North Atlantic harsh environment developments proven: Hibernia, Snohvit, Foinaven 3D seismic better structural…
2011 turning point 2011 Atlantic Margin Licensing Round brought in innovative companies with new ideas. Licensing Option strategy bearing fruit with 2013 entry of Kosmos, Cairn and Woodside Mainstream industry is following the…
Our inspiration Cretaceous turbidite sandstones in stratigraphic traps
Our Insight W E MULLEN PROSPECT Development of Late Aptian- Early Albian marine mudstone top seal Lateral/Updip pinch out of turbidite sandstone reservoir Mid Aptian Unconformity and correlative conformity Barremian…
PORCUPINE BASIN: EXPLORATION HOTSPOT Burren Lower Cretaceous oil FEL 2/04, FEL 4/08, LO discovery 700 bopd 11/3 Cairn Energy farm-in to LO 11/03., 11/04. 11,06 Chrysaor and Sosina Woodside farm-in to Petrel Drill Spanish Point Q2 2014…
South Porcupine Basin Cross Section NW SE Paleocene Play Dunquin play FEL 2/13 on PMVR FEL 3/13 Mullen Kiernan Cretaceous Cretaceous play(West) play (East) Jurassic Pre-rift plays Jurassic Pre-rift plays PMVR:…
April 2013 farm-in announced o Kosmos acquired an 85% interest and operatorship of Europas two Licencing Options Leading independent oil and gas E&P company o Kosmos to fully fund 3-D seismic programme on each Licence and pay 85% of…
5 July converted to FEL Early conversion to Frontier Exploration Licences to enable seismic acquisition in summer 2013 FEL 2/13 FEL 3/13
Seismic acquisition started 5 July
4. WHAT HAPPENS NEXT
Interpret 3D derisk prospects If 3D halves the risks and halves the current reserves our P50 NAV rises from 78 to 230 million Derisk with 3D Current position
Volumetrics and Resources Prospect Reservoir GRV m3 x 106 Water Reser- Likely depth voir hydro- Licence depth carbon P90 P50 P10 m mbml Mullen Aptian 890 3,980 11,099 1,000 3,750 Oil LO 11/7 Kiernan Barremian 3,400 7,400 14,000 1,800…
Drill Decision Phase 1 of each FEL, July 2013-July 2016, seismic obligation only Phase 2 of each FEL, July 2016 July 2020, commitment well Earliest feasible stretch case spud: summer 2015
Prepare for next license round
For further information contact: Europa Oil & Gas (Holdings) PLC Porter Street, London, W1U 6DD UK Telephone +44 20 7224 3770 maileuropaoil.com www.europaoil.com
Loading...
