Europa Oil & Gas (Holdings) plc says that an independent assessment undertaken by ERC Equipoise estimates a mean Un-risked Net Present Value of approximately US$7 billion to a 100% working interest (subject to government approval) in three prospects on Frontier Exploration Licence 3/13 in the Porcupine Basin, offshore Ireland. On a Risked NPV basis the study estimates a 100% working interest (subject to government approval) at US$1.1 billion. As announced on 12 May 2015, a Competent Persons Report prepared by ERCE detailed total Gross mean Un-risked Prospective Resources of 1.5 billion barrels of oil equivalent across the three prospects in FEL 3/13.
On 16 June 2015, Europa advised the market of an independent assessment by ERCE of the NPV of its then 15% carried interest in FEL 3/13. Following the announcement of 22 September 2015 that Kosmos Energy Ireland intends to withdraw from Ireland, Europa instructed ERCE to revise the NPV to reflect a 100% working interest in the permit and without the benefit of a carried work programme. The estimate of NPV provided today also incorporates an updated oil price assumption and cost deck.