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LONDON (Alliance News) - Europa Oil & Gas (Holdings) PLC on Tuesday said it has upgraded its Inishkea prospect in offshore Ireland to flagship status and intends to drill a well there in 2020.
At the company's annual general meeting, Europa O&G Chairman Simon Oddie said: "The decision to upgrade Inishkea to flagship status during the year was an easy one."
Oddie cited a "robust geological model" that is "based on gas play" and confirmed by the nearby Corrib field and gas discovery well.
Updates on Inishkea are expected in the next 12 months.
In offshore Ireland, Europa O&G has thus far increased its gross mean unrisked resources by over 50% through its technical work programme using 3D seismic data.
Moreover, it has identified 6.4 billion barrels of oil and 2.5 trillion cubic feet of gas across is offshore Irish licences. This compared to approximately 4.00 billion barrels of oil and 1.5 trillion cubic feet of gas reported at Europa O&G's previous annual general meeting.
However, while milestones were achieved in offshore Ireland, its onshore UK assets have proven more challenging.
"Efforts to scale up output both by bringing the Wressle oil discovery in North Lincolnshire on line and by drilling the conventional Holmwood prospect in the Weald Basin, proved fruitless," Oddie said.
Ultimately, Europa O&G withdrew is planning permission extension plan to drill the Holmwood prospect, which is located in Surrey within the PEDL143 licence.
"We are evaluating PEDL143's remaining prospectivity ahead of developing a forward plan" Oddie said.
Given these onshore UK challenges Europa O&G is, as announced in November, seeking a new venture opportunity in Morocco in order to diversify and add a third territory to its portfolio.
Concluding his speech, Oddie said: "By next year's AGM Statement, I am confident Europa will not only have a clear line of sight towards the drilling of at least one potentially transformational well offshore Ireland, but also have a portfolio of assets in at least three jurisdictions, all at various stages of development and all contributing to our growing pipeline of offering significant re-rating potential."
Shares in Europa O&G were up 1.7% at 3.00 pence on Tuesday.
