DUBLIN, Ireland -- San Leon Energy says a 280-sq km (108-sq mi) 3D seismic survey is under way on its North Porcupine FEL 1/04 license off western Ireland.
PGS Exploration UK is performing the survey using the M/V Ramform Vanguard seismic vessel. The program will evaluate a prospective structure (C1 Lead), in preparation for planned drilling next year.
San Leon estimates best-case in-place resources of 1,097 MMbbl of oil.
The company has a 41.5% operating interest in the block, in partnership with Valhalla Oil and Gas and Supernova Ireland Resources.
Following a farm-in agreement with Valhalla, San Leon has agreed to pay 80% of the seismic program costs, rather than its 41.5% working interest requirement. In exchange, it will gain a further 32.5% interest in the license from Valhalla.
San Leon also has a seismic services agreement with PGS Ventures AS, which is providing a $50-million facility for seismic services.
Oisín Fanning, executive chairman of San Leon Energy, said: “The farm-in agreement with Valhalla allows us to move this asset forward and seek new farm-in partners for the drilling of a well. The Porcupine Connemara Oil field already offers a future development opportunity within the license and we expect the C1 Lead to at least compliment Connemara.”
Ramform Vanguard starts Porupine Basin survey