Faroe Petroleum has secured a new offshore licence as part of Ireland’s 2015 Atlantic Margin Licensing Round.
Covering some 960km² in the Slyne/Erris Basin, option 16/23 is one of the second tranche of awards that was made under the licensing round.
Faroe operates the licence with a 100% working interest.
Faroe Petroleum chief executive Graham Stewart said: "We are pleased to have been awarded this licensing option, offshore Ireland, where we see attractive prospectivity in the same play as the significant Corrib field.
"We now have an opportunity to screen potentially significant exploration targets close to the producing Corrib field using our extensive knowledge and experience in seismic reprocessing and interpretation."
Located around 15km east of the Shell-operated Corrib gas field, the licensing option has a three-year term and lies in 280m of water.
Corrib became operational at the end of last year.
The main lead is a tilted fault-block structure, which Triassic Sherwood sandstones are identified in as the main reservoir target.
The work programme is aimed at improving the seismic image by using recent advances in modern seismic reprocessing techniques.
Stewart further added: "If the results of the initial work programme are successful and prospectivity is firmed up, the next steps would be to commit to the acquisition of new seismic data and bring in suitable partners ahead of potential exploration drilling."