Oil and gas explorer Faroe Petroleum has secured three new licensing options in the Celtic Sea, offshore Ireland.
The three licences, awarded by Ireland’s Minister for Communications, Energy and Natural Resources, are located on the southern-margin of the North Celtic Sea basin, in shallow-water depths of between 80m and 110m.
The licensing options, LO 14/1, LO 14/2 and LO 14.3, cover a 3,458km² area and are all located within 75km of the south-coast of Ireland.
The work will target the under-explored Triassic Play, where initial interpretation of existing 2D seismic data has revealed the presence of several large structural traps.
Faroe said it will deploy recent advances in new seismic reprocessing techniques to improve the seismic imaging.
Faroe Petroleum chief executive Graham Stewart said: "We now have the opportunity at low cost to screen potentially significant exploration targets using our knowledge and experience in seismic reprocessing and interpretation.
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"This Triassic play differs from the traditional targets in the Celtic Sea and offers significant upside potential."
Faroe, which is targeting an active drilling programme throughout 2015 and 2016, currently has stakes in four principal producing oil and gas fields in the UK and Norway.
The company also has interests in the Blane oil field in the UK, as well as in the producing Njord, Brage and Ringhorne East fields offshore Norway.
The fields have collectively produced an average of 6,059 barrels of oil equivalent per day (boepd) in 2013.
Faroe’s full-year average economic production for this year is expected to be between 7,000 boepd and 10,000 boepd, subject to completion of the recently announced purchase of operated interests in the Schooner and Ketch gas fields.