Atlantic Ireland

Offshore west coast of Ireland · Slyne Basin

FEL 4/19, located offshore Ireland on the west coast, contains the large, modest-risk Inishkea West gas prospect. Inishkea West is estimated to contain a Pmean prospective resource of 1.5 TCF of recoverable gas, with a post-tax NPV10 of US$2.0 billion.

The prospect is strategically located near the producing Corrib gas field and benefits from proximity to established infrastructure, reducing the investment required to bring it into production.

Inishkea West offers a compelling combination of scale, low-carbon credentials, and strategic relevance. With a carbon intensity of just 2.8kg CO2e/boe compared to 36kg CO2e/boe for UK-imported gas, the prospect offers a materially cleaner source of energy and has the potential to play a meaningful role in Ireland’s energy transition, reducing the country’s reliance on imported gas and supporting its pathway to renewable energy adoption.

LicenceFEL 4/19
Working interest100%
OperatorEuropa
StatusExploration
Expiry2028
WellsN/A
BasinSlyne
PlayTriassic sandstone (gas)

A proven gas play

The Triassic gas hydrocarbon play is well understood and proven to work both technically and commercially in the Slyne basin by the Corrib gasfield. Therefore, play risk is lower than in other Atlantic Ireland basins where play risk remains to be conclusively proven by a commercially successful exploration discovery. Europa therefore views the licence as modest risk exploration in a proven gas play.

A successful discovery at Inishkea West could potentially supply more than two-thirds of Ireland’s gas demand by 2030.

Europa continues to actively market Inishkea West to potential farm-in partners.

Field details

Europa published updated prospective resource estimates for Inishkea West in September 2023, the results of which are included in the table below:

LicenceProspectPlayP90P50PmeanP10
FEL 4/19Inishkea WestTriassic gas3071,3361,5543,044
Gross un-risked prospective resources (billion cubic feet).

Inishkea West is a large four way anticlinal feature. The crest of the structure is faulted but these faults see Corrib Sandstone against Corrib Sandstone and are not believed to seal. This sets up a larger four way closure to the structure which is larger than previous mapping iterations. The top seal is believed to be Uilleann Halite and the side seal is provided by Uilleann Halite in the east and west of the structure. The four way closure and top and side seal provided by the Uilleann Halite provide a lower risk structure compared to previous mapping iterations. Engineering studies demonstrate strong positive economics, and porosity values are expected to be high with the present day depth of burial shallower than both the Corrib field and the Corrib North discovery. Inishkea West is significantly shallower than the Inishkea prospect and reservoir quality is expected to be good. Flow rates from discovery wells in Corrib were excellent despite being lower quality reservoir than what is expected in Inishkea West.

Water depths are comparatively shallow at around 700m but rig rates and exchange rates have changed since previous well costings. We have recently conducted a drill cost estimate for a well on the Inishkea West prospect with Zenith Energy and the Dry hole cost including mob and demob is $40 million.

Inishkea West is within easy tie-back range of the Corrib gas field situated some 18km to the south east. The proximity to the Corrib infrastructure, the mapped four way closure, the large prospective resource and the reduced seal risk means the Inishkea West prospect is the primary target on the FEL 4/19 licence.

Gas infrastructure is already present nearby at Corrib and, therefore, a fast track path to commercialisation is potentially available, subject to negotiation and cooperation with the infrastructure owners.

Ireland’s gas needs

According to Gas Networks Ireland1:

  • Gas generated 40% of Ireland’s electricity in 2025
  • The contribution of gas to electricity generation peaked at 92 per cent in July and did not fall below 11 per cent at any point during the year, underlining the importance of gas in maintaining energy stability when weather dependent renewable energy is unavailable.

Gas is likely to be a significant component of Ireland’s future energy needs both for electricity generation and domestic and industrial heating.

1 https://www.gasnetworks.ie/corporate/news/active-news-articles/gas-demand-2025

Emissions study

In April 2024, Europa published a third-party report that details the results of an updated study which calculated the emissions associated with the development of a future 1 TCF indigenous gas discovery on its Irish offshore Licence FEL 4/19.

The key findings of the study are as follows:

  • the average operational life-of-field emissions intensity for the Corrib gas is 5.3 kg CO2e/boe;
  • the average operational life-of-field emissions intensity for indigenous gas on the Licence is forecast to be 2.8 kgCO2e/boe;
  • the weighted average carbon intensity of imported gas into Ireland from the UK during 2022 is estimated to be 36 kgCO2/boe (estimated to be over 12 times more CO2 than indigenous gas from the Licence);
  • LNG accounted for 26.7% of UK imported gas during 2022 with a weighted average carbon intensity of 78 kgCO2/boe (over 27 times more CO2 than Irish indigenous gas from the Licence), and,
  • the projected production from Inishkea West has the potential to almost eliminate the need for gas imports from the UK in 2030 through to the end of 2032 (based on SEAI demand predictions) and therefore dramatically reduce associated emissions.
Read the full emissions study (PDF)

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