AzEire has been awarded an extension to its 100% working interest FEL 1/13 Licence in the Porcupine Basin in offshore Ireland.
AzEire is an Ireland-focused oil and gas exploration company with backing from Seacrest Capital Group.
This extension is for the first phase of FEL 1/13 for two years to 4 July 2018, with two-year extensions available for the subsequent second, third and fourth phases of the licence to up to 4 July 2022, 2026 and 2030 respectively.
The firm has started carrying a work programme that comprises reprocessing of the existing 3D seismic data, rock physics, geochemical modelling and integration of results into a full play and prospect assessment of the licence area.
Ireland’s Minister for Communications, Climate Actions and Environment has given the consent for the extension.
AzEire secured a 100% participating interest in FEL 1/13 in the fourth quarter of 2016, further to its acquisition of the complete share capital in Antrim Exploration (Ireland) Limited.
In addition, AzEire secured a 100% participating interest in another two licence options (LOs), LO 16/31 and LO 16/32, which comprise several blocks in the North Celtic Sea and Fastnet basins.
Combined with AzEire’s existing portfolio, the recent awards make the firm the largest acreage holder in offshore Ireland, with a net footprint covering 7,166km²
AzEire managing director David Sturt said: “We are delighted to have received this two-year licence extension to all phases of FEL 1/13, especially so soon after having been awarded LO 16/31 and 16/32 in the Fastnet and North Celtic Basins."