Prospects offshore Ireland valued at $7 billion

Three unrisked prospects located offshore Ireland in the Porcupine Basin have a net present value of about $7 billion, Europa Oil & Gas announced on Monday.

According to the AIM-listed exploration and production company, the estimation is based on an independent assessment of the three prospects in the FEL 3/13 licence following a competent persons report in May, which found that the three prospects are expected to contain 1.5 billion barrels of oil equivalent.

While Europa holds a 15-percent interest in the licence, the company is attempting to get a 100-percent stake after its partner, Houston-based Kosmos Energy, pulled out earlier this year. Europa is awaiting approval from the Irish government.

“To realise this potential, we need to drill exploration wells and find oil. Our mission is to land a farm-in partner to share the costs of drilling and the target audience is major and mid-cap oil companies,” Hugh Mackay, CEO of Europa, stated in a company release on Monday.