Why all the interest in the Porcupine Basin, offshore Ireland Rowland Thomas Chief Geophysicist- Europa Oil & Gas APPEX London 10-13 March 2014 www.europaoil.com
The inspiration West African Cretaceous stratigraphic play Cretaceous turbidite sandstones in stratigraphic traps
Talk Outline 1. Historical activity 2. 2011 Atlantic Margin Licensing Round Turning Point 3. Current Activity 4. What happens next
1977-2001 Porcupine basin operators 2014 LO 11/8 43/13-1 BP LO 11/9
Basin statistics 60, 000 km2 basin 7 Burren 1978 31 wells in total since 1977 6 Connemara 1979 Amoco,BP, Britoil, Chevron, Spanish Pt 1981 Deminex, Elf, Exxon, Gulf, 5 Phillips, Marathon, Shell, Connemara Statoil, Total…
1977-2001 Seeking the next North Sea and using Brent Province geological model Constraints Water depth: most wells drilled…
South Porcupine Basin Cross Section Dunquin Burren Connemara Spanish Point FEL 3/13 Kiernan FEL 2/13 Mullen Cretaceous turbidite play Cretaceous turbidite play Jurassic Pre-rift plays FEL 3/04. Exxon P&A Dunquin…
Late Jurassic source rock superhighway Dooish Burren, Connemara, Spanish Point Mizzen, Bay du Hibernia, White Nord, Harpoon Rose Terra Nova
North Porcupine & Flemish Pass discoveries Name Operator Date Well WD Burren Phillips 1978 35/8-1 430 m 733 bopd 34o API oil E. Cret. SST reservoir. 66 mmbo Connemara BP 1979 26/28-1 374 m 5589 bopd 32-38oAPI U. Jur. SST reservoir.…
2011 ATLANTIC MARGIN LICENSING ROUND TURNING POINT
2011 Atlantic Margin Licensing Round Announced Oct 2010 Offered 1,017 full blocks, 55 part blocks 257,500 km2 Closed May 2011 Awards November 2011 Awarded 53 full blocks and 11 part blocks 13 Licensing Options issued to : Antrim,…
2011 turning point 2011 Atlantic Margin Licensing Round brought in innovative companies with new ideas on hydrocarbon plays Licensing Option strategy bearing fruit with 2013 entry of Kosmos (3 licences), Cairn (3 licences) and…
Line PSB97-08 FEL 3/13 Mullen Plays Paleocene Play Lower Cretaceous Plays Mullen Pre rift Jurassic Play 3/13 Seabed response Polarity : black peak decrease in acoustic impedance Data shown courtesy of TGS and WesternGeco
2014 state of the art 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 stratigraphic…
Costs are escalating Rosebank discovered 2004, FEED start 2012, currently under review 130 km NW of Shetland 1100 m water depth 240 mmbo 300+ million E&A 6-8 billion capex Plateau rate 75,000 bopd & 100,000 mmscf/g Would be…
IRISH FISCAL REGIME No royalty, 25% corporate Fiscal Regime designed to tax rate encourage deep water frontier Additional Tax in form of exploration Profit Ratio* R factor Country/Region Government 15% tax in respect of fields…
Transformational Asset Europa Oil & Gas Portfolio
3. CURRENT ACTIVITY
PORCUPINE BASIN: EXPLORATION HOTSPOT Connemara and Spanish Pt FEL 2/04, FEL 4/08, FEL 1/14 Jurassic oil discoveries Cairn Energy farm-in to Chrysaor and Sosina Burren Drill Spanish Point Q2/3 2014, Lower Cretaceous oil discovery 3D…
Polarcus multi-client 3D survey 2014 Providence to acquire 1065 km2 3D over Drombeg licence in FEL 2/14 as part of a 3200 km2 3D multi-client survey by Polarcus Map provided by courtesy of Polarcus
Regional PAD 2D seismic survey 2013/14 2014 second season of PAD regional 2D survey in Atlantic Ireland, product ready Q1 2015
4. WHAT HAPPENS NEXT
3D impact de-risk prospects Europa considers risks to be around 1 in 10. 3D seismic has potential to reduce this to 1 in 5, particularly if flat events, conformance and AVO anomalies identified. Europa expects to de-risk its…
Drill timings for 2011 entrants Phase 1 of each FEL July/Nov 2013-July/Nov 2016, Seismic obligation only Phase 2 of each FEL July 2016 July 2020, Commitment well Atwood Achiever under construction in Earliest feasible stretch…
Porcupine drilling plans Cairn to drill Spanish Point appraisal well in Q2/3 2014 with Blackford Dolphin. If successful suspend and return to test and further appraise in 2015. Kosmos have indicated two possible wells in Ireland in…
Next Atlantic Ireland license round Fiscal terms review completed in May 2014 Licence round expected to open June 2014 Licence round closes September 2015 PAD regional 2D seismic available Q1 2015 We anticipate a different…
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
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