Irish-offshore focused Europa Oil and Gas has signaled the potential for a first well on its deepwater licenses in the South Porcupine Basin as early as next year if favorable drilling decisions are taken this summer.

Europa is a partner in two Frontier Exploration Licenses (FELs) offshore Ireland. “This summer we expect a drilling decision for our offshore Ireland licences which, if positive, may lead to two exploration wells, one in FEL 2/13 and one in FEL 3/13,” it said.

With costs for both potential wells already covered after a farm-in deal with US independent Kosmos Energy, Europa suggests a first well could be spudded “...as early as 2015.”

Europa was originally awarded two Licensing Options, 11/7 and 11/8, which were subsequently converted to FELs 2/13 and 3/13 and which contain the Mullen and Kiernan prospects.

Mullen lies within FEL 2/13, where the water depth is about 1,000 m (3,300 ft). Europa indicates Mullen’s potential resources at 66 MMbbl (P90) and 1,092 MMbbl (P10). P50 resources are 318 MMbbl, which is supported by an amplitude shut-off at a constant depth, Europa indicates. Mean resources for the prospect are put at 482 MMbbl.
Kiernan, in FEL 31/3, is estimated by Europa to have gross mean unrisked indicative resources of 1.612 Bbbl in the oil case and 10 Tcf for gas.

Last April Kosmos farmed in for 85% of the two licences. Under the terms of that deal, a first exploration well is capped at US $90 million and a second at $110 million, with costs shared 85% and 15% between Kosmos and Europa.

While the South Porcupine Basin is regarded by Europa as virtually undrilled, an Early Cretaceous play was proven, the company said, in the North Porcupine Basin by the Burren oil discovery made by Phillips Petroleum in 1978 and which flowed at 700 b/d of 34º API oil.