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US$1.6 billion Net Mean Un-risked NPV10 for FEL3/13 Prospects – Irish Atlantic Margin
Europa Oil & Gas (Holdings) plc, the AIM quoted oil and gas company with both producing and exploration assets in Europe, recently commissioned ERC Equipoise Ltd to complete an independent assessment of its interests in the Frontier Exploration Licence 3/13 in the Porcupine Basin, offshore West Ireland.
The results of this study estimate a mean Un-risked Net Present Value of approximately US$1.6 billion to Europa’s 15% Net interest in three prospects; Wilde, Beckett and Shaw. On a risked basis the results of this study estimate a mean Risked NPV of US$251 million to Europa’s 15% Net interest in the three prospects.
This independent assessment is in addition to the Competent Persons Report by ERCE which detailed total Gross mean Un-risked Prospective Resources of 1.49 billion barrels of oil equivalent across the three prospects in FEL 3/13 (see RNS announcement on 12 May 2015).
These prospects are at the pre-drill stage and realisation of this potential value will require the drilling of exploration wells.
Overview:
– ERCE’s independent assessment of NPV follows their CPR on the Prospective Resources associated with the Wilde, Beckett and Shaw prospects on FEL 3/13 based on 3-D seismic data acquired in 2013 by the operator, Kosmos Energy
– ERCE estimates Europa’s 15% (Net) Un-risked and Risked NPV at a 10% discount rate (NPV10) as at 1 January 2015
