Europa Oil & Gas, along with its partner Solaris Energy plc, has identified several structural leads each with reserves potential of 15 – 35mmbo recoverable in the Sukhna area of the concession.
Although Europa Oil & Gas has made significant progress with the existing seismic data, it has been unable to reprocess the existing seismic as planned due to degradation of the original tape records and has decided to progress directly to seismic acquisition with the objective of firming up drillable targets. The preferred contractor for this new seismic acquisition has indicated its availability to undertake the survey in July. The cost of the survey, detailed in the winning tender, will for the most part be covered by the existing letter of guarantee that the company provided in favor of EGPC.
Paul Barrett, managing director of Europa Oil & Gas, said, “We are grateful to EGPC for understanding the problems we have had with the existing seismic records and allowing this extension to Phase 1. It gives us a great opportunity to develop a drillable onshore prospect in a known oil basin with excellent local infrastructure. We are looking forward to utilizing these new data to define a drilling location to allow us to commit to Phase 2 and to drill in 2010′.”
