Project Profile
Value: US$100-150m
Location: South Porcupine Basin, offshore Ireland
Reserves: 300 million - 1 billion boe gross mean un-risked prospective resources
3D Seismic Start-up: 2017
LO 16/19 is located in the South Porcupine Basin, offshore Ireland and is covered by over 1,800km of historic 2D seismic data. Preliminary mapping of the 2D seismic suggests that there are potentially a number of submarine fans developed in the licence with a combined range of 300 million to 1 billion boe gross mean un-risked prospective resources. LO 16/19 lies directly to the east of, and is contiguous with, Europa’s 100% owned and operated Frontier Exploration Licence (‘FEL’) 2/13 over which a 948km2 3D seismic survey was acquired in 2013. Detailed geological and geophysical interpretation by Europa of the 3D data provided the crucial technical insights supporting the application for LO 16/19. In 2017 Cairn Energy will spend 6 million on 3D seismic on the licence which is estimated to be processed and delivered by 2018. From then, future exploration will be based on the results of detailed prospect mapping work.
Operators:
Cairn Energy PLC Group (Capricorn Energy Limited): Operator with 70%
Europa: 30% interest
Contractors:
TGS: Crean 3D multiclient survey (April, 2017)