Europa Oil & Gas (Holdings) plc reported a 716 bcf rise in unrisked prospective resources in EG-08 block, offshore Equatorial Guinea.
EXPLORATION
The increase, identified from technical data of the O-2 well drilled in 2007 by Noble Energy, takes the total gross unrisked mean prospective resources to 2.116 tcfe.
Since Europa invested 42.9% stake in Antler Global Ltd, the two companies have evaluated seismic data across the original three prospects and completed a study to identify additional prospectivity.
The new figure includes 798 billion cubic feet equivalent Pmean in the primary prospect of Barracuda, 599 bcfe in two low risk tie-in prospects, Cardinal and Arrowhead, 344 bcfe in four additional higher risk prospects all in the Alen Strata, and 375 bcfe in two additional leads.
“Revised economic analysis indicates that the minimum gross volume of a commercial discovery could be in the order of 90 BCFe (15.2 MMboe), ” added the company.
The farm-in partner will accelerate drilling of an exploration well, targeting one horizon in the Barracuda prospect, with an estimated 70% geological chance of success.
Future wells will target the “significant additional upside” in Barracuda and throughout the licence.
Initial discussions have also been started with rig providers for a jack-up rig to drill the farm-in well during the second half of 2025.
Europa added that a “number of suitable companies” had expressed an interest and a data room will also be offered to potential partners.
“Given the proximity to existing infrastructure, any discovery can be brought online quickly, resulting in impressive economic returns,” said Europa chief executive and Antler director, Will Holland.
“In addition, the block has plenty of additional prospectivity, all of which will be attractive to major upstream companies.”
Antler holds 80% in the EG-08 production sharing contract and national oil company Guinea Ecuatorialde Petroleos owns 20%.