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Europa Oil & Gas has received a new prospect inventory from the Kosmos Energy, operator of the FEL 2/13 and FEL 3/13 licences in the South Porcupine Basin, offshore Ireland.

The inventory is based on the 3D seismic acquired in 2013 and includes the identification of a number of new, large prospects and leads on both licences.

On licence FEL 3/13 the company identified two prospects, named Beckett and Wilde, and one lead Shaw. The new prospects have gross mean unrisked prospective resources of: + 760 million barrels of oil (mmbo) for Beckett and + 493 mmbo for Wilde. These new prospects and leads replace the Kiernan prospect previously identified by Europa.

On licence FEL 2/13 two new prospects, Doyle A and Doyle B, have been identified with gross mean unrisked prospective resources of: + 123 mmbo for Doyle A and + 69 mmbo for Doyle B. These new prospects replace the previously identified Mullen prospect.

Europa is now conducting further seismic analysis work to provide a definitive prospect risking and ranking. It is expected that this work will be completed in H1 2015 and will enable a decision to be made regarding next steps on the licences. This includes the possibility of detailed drilling planning and preparatory work to enable an exploration well to be drilled as early as 2016.

Europa’s CEO, Hugh Mackay said, “This is a significant step forward for our exploration in Ireland. The prospect inventory has been completed by Kosmos and the early promise shown on historic 2D seismic data has been vindicated by the prospects identified on the new 3D seismic. Geophysical studies are now being performed to clarify prospect risk and ranking with a view to inform a drilling decision, expected to be in H1 2015. If positive this could lead to what could be a company-making well for Europa being drilled in 2016.”