Europa Oil & Gas' Porcupine basin off Ireland is valued at US$1.6 billion and potential resources of 1.49 billion boe, according to an independent assessment by ERC Equipoise (ERCE).

ERCE's study was conducted on Europa's interests in the frontier exploration license (FEL) 3/13 in the Porcupine Basin, offshore West Ireland.

The results of this study estimate a mean unrisked net present value (NPV) of approximately $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 $251 million to Europa’s 15% net interest in the three prospects.

This independent assessment is in addition to the competent persons report (CPR) by ERCE, which detailed total gross mean unrisked prospective resources of 1.49 billion boe across the three prospects in FEL 3/13. These prospects are at the pre-drill stage and realization of this potential value will require the drilling of exploration wells.

Source: www.oedigital.com

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