Petrel receives frontier exploration licenses in Porcupine basin

Offshore staff

DUBLIN, Ireland – Ireland’s Department of Communications, Energy and Natural Resources has granted Petrel Resources plc an award of frontier exploration licenses 3/14 and 4/14 in the Irish Atlantic’s Porcupine basin.

The acreage licensed collectively covers  1,050 sq km (405 sq mi), or 75% of the 1,400 sq km (541 sq mi) previously held under licensing options 11/4 and 11/6. In August 2013, Petrel farmed out 85% of its interest in, and operatorship of, the licensing options to Woodside Energy (Ireland) Pty. Ltd.

The frontier exploration licenses are valid for 15 years, with an initial three-year phase, followed by three phases of four years each. The main elements of the first phase are reprocessing of historic 3D seismic, environmental studies, and, subject to regulatory rules and permits, may include the acquisition of new 3D seismic. Preparatory technical and environmental work is under way.

03/04/2014

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