Europa operates seven licences in the Irish Atlantic Margin, covering an area of 5,818 km2. Four of these licences are in the South Porcupine basin, targeting prospectivity on multiple levels including the Cretaceous; the pre-rift; syn-rift; and post-rift plays.
The Cretaceous stratigraphic play comprises Early Cretaceous turbidite sandstone reservoirs; charged by mature Late Jurassic and Early Cretaceous source rocks; and contained in stratigraphic traps with elements of structural closure. The Cretaceous play in Ireland is essentially undrilled and is considered to be analogous to the same play in the equatorial Atlantic Margin province that has delivered the Jubilee and Mahogany oil fields.
Just as Jubilee and Mahogany inspired operators including Europa to target Early Cretaceous turbidite sandstone reservoirs in the Porcupine basin, recent discoveries in other Atlantic basins have opened up the potential for additional plays to be targeted in the Irish Atlantic Margin. In the Flemish Pass basin offshore Newfoundland, Statoil has pioneered the pre-rift play following the Bay du Nord discovery. Offshore Senegal, Cairn’s SNE discovery has opened up the potential for early post-rift sculptural events in the Porcupine. Having its own proprietary 3D seismic provides Europa with valuable technical insights and based on these the Company believes there are at least three essentially undrilled exploration plays in the South Porcupine Basin.