ABERDEEN, UK – Ireland’s government has awarded three new licensing options in the southern margin of the North Celtic Sea basin off the country’s southern coast.
Faroe will have a 100% operated interest in LO 14/1, 14/2, and 14/3, which collectively cover 3,458 sq km (1,335 sq mi) in water depths ranging from 80-110 m (262-361 ft), and up to 75 km (46.6 mi) offshore.
In all cases Faroe is targeting the relatively little explored Triassic play, comprising Sherwood Sandstone reservoir juxtaposed against lower Jurassic oil-prone source rocks. The age and configuration of source and reservoir share similarities with the Wytch Farm oil field onshore/offshore the UK’s south coast, Faroe says.
Initial interpretation of existing 2D seismic indicates the presence of various large structural traps. Faroe plans to apply recent advances in seismic reprocessing techniques to enhance seismic imaging and help mature leads into drillable prospects, as it has done offshore Norway and the UK.
If the results of the initial work program confirm prospectivity, the company would commit to acquire new 2D or 3D data and attract partners ahead of potential exploration drilling.