Petrel Resources has been awarded frontier exploration licences 3/14 and 4/14 in the Irish Atlantic’s Porcupine basin by the Department of Communications, Energy and Natural Resources.
The acreage licensed covers collectively about 1,050km² or 75% of the 1,400km² held under licencing options 11/4 and 11/6.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Petrel farmed out 85% of its interest in, and operatorship of, the licensing options to Ireland’s Woodside Energy in August 2013.
Valid for 15 years with an initial three-year phase, the frontier exploration licences are split into logical phases under best international practice, facilitating orderly permitting and progress, followed by three phases of four years each.
In the initial phase, the main elements include reprocessing of historic 3D seismic and environmental studies, and may cover the acquisition of new 3D seismic, subject to regulatory rules and permits.
If the parties elect to enter the second phase, the main element would be the drilling of a well on each licence.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataPetrel Resources managing director David Horgan said: "Petrel had already identified a number of geological plays on this acreage, justifying additional technical work.
"Petrel is delighted to announce the award of two frontier exploration licences in priority areas of the prospective Porcupine Basin."
The farm-out process was launched by the company to find partners with technical and financial resources and strategic intent to pioneer new hydrocarbon plays in an under-explored, deep-water frontier basin.
.gif)
