Europa Oil & Gas (Holdings) plc reported a 92% increase to 1.55 trillion cubic feet in Pmean prospective resource estimate for Inishkea West, offshore Ireland.
FOUR-WAY CLOSURE
Europa reprocessed the seismic data using full waveform inversion and reverse time migration (RTM) to 20Hz.
The findings have prompted the company to pause its farm-out process until subsurface imaging is increased further by reprocessing the data at 30Hz.
Interpretation of recent seismic reprocessing resulted in a “marked improvement” in the imaging of both the Inishkea West and Inishkea prospects within FEL/419.
The Inishkea West structure is now being mapped as a large four-way closure, with Pmean of gas initially in place (GIIP) of 2,219 bcf and prospective resource of 1,554, and P50 of 1,920bcf and 1,336 respectively.
“The reprocessed seismic has materially improved the subsurface imaging and provided more confidence in the quality of the seal and trap at Inishkea West, which in turn has increased the chance of success of the prospect,” said the company in a statement.
“In addition, Inishkea West is prognosed as a shallower structure by some 900 metres which means that the reservoir quality will be better than at Inishkea.”
INISHKEA PROSPECT
Europa added that the reprocessing had confirmed the likelihood of side seal breach resulting in a downgrade of the Inishkea prospect.
The Inishkea structure has in turn reduced in size and is now estimated to have a prospective resource of Pmean 146 bcf.
Inishkea West’s proximity to the Corrib gas field infrastructure 18km to the southeast, the mapped four-way closure, the large prospective resource and the reduced seal risk means that the Inishkea West prospect has become the primary target on the FEL 4/19 licence.
Europa has also applied for an extension to the first phase of the licence to allow for the reprocessing of data at 30Hz and to find a farm-in partner to drill an exploration well.
“This is a very exciting development for the FEL 4/19 licence as the seismic reprocessing has significantly enhanced the sub-surface imaging which has improved our understanding of the size of the prospects and the seal risk,” said chief executive officer Will Holland.
“The seal uncertainty, which the reprocessing has addressed, was a matter that some of the potential farm-inees had highlighted during the farm-out process and potential partners wanted to see the results of the reprocessing before making an offer.”