Publication of 1.5 billion boe CPR on Offshore Ireland Licence

Europa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration, development and production company focused on Europe, is pleased to announce that, following the conclusion of the 2015 Atlantic Ireland Licensing Round, the Competent Persons Report (CPR) undertaken by ERC Equipoise Ltd (ERCE) covering Frontier Exploration Licence (FEL) 3/13 in the Porcupine Basin, offshore West Ireland has been uploaded onto the Company’s website.

A summary of the CPR was announced on 12 May 2015 and identified combined gross mean un-risked prospective resources of 1.5 billion boe across three Cretaceous fan prospects (Beckett, Shaw and Wilde) in FEL 3/13. Further work by ERCE announced on 26 October 2015 indentified US$7 billion net mean un-risked NPV10 for Europa’s 100% interest in these three prospects in FEL 3/13.

Prospect Wilde in FEL 3/13 is considered drill ready and has gross mean un-risked prospective resources of 428 million boe, a chance of success of 1 in 5.3 and a drill cost of US$37 million, excluding mobilisation and demobilisation. Europa’s intended well location on Wilde would also penetrate the edge of Prospect Beckett and would therefore potentially provide critical information about this 728 million boe prospect.

Europa is participating in the Atlantic Ireland conference in Dublin on 1 and 2 November 2016 where it has a stand and will be making two presentations:

“Insights into the geology of the South Porcupine from 3D seismic over FEL's 2/13 and 3/13”; and
“Europa Atlantic Ireland - acreage, prospects and farm-out timeline”.