Kinsale Energy, a subsidiary of Malaysian oil company Petronas, has agreed to acquire an 80% interest in the SEL 4/07 Celtic Sea licence, offshore Ireland, from Lansdowne Oil & Gas.
The deal, which is yet to be approved by the Irish Government, will see Kinsale Energy appointed as the operator of the licence.
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Kinsale Energy will fund 100% of the well-drilling costs at the Midleton prospect, with Lansdowne’s share of the costs of any testing programme up to $2.5m.
Lansdowne Oil & Gas CEO Steve Boldy said: "We are delighted to welcome Kinsale Energy to Licence 4/07 and look forward to drilling the Midleton gas prospect.
"Securing a farm-in partner for Midleton is a critical first step to delivering our objective of a multi-well programme in the Celtic Sea, which, in addition to exploration wells, we expect to also include further appraisal / pre-development drilling on the Barryroe oil field."
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Kinsale Energy has been producing natural gas from its offshore facilities, located 50km south of the Old Head of Kinsale in the Celtic Sea, since 1978.
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By GlobalDataLansdowne acreage in the North Celtic Sea Basin includes a 20% stake in the Barryroe field and two exploration Licences, 5/07 (Rosscarbery) and 5/08 (Amergin).
The company said the farm-out process for the other licences is continuing to identify partners for a drilling programme.
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