Kosmos to exit offshore Ireland frontier license

Offshore staff

CALGARY, CanadaKosmos Energy has notified Antrim Exploration Ireland that it intends to withdraw from frontier exploration license (FEL) 1/13 in the Porcupine basin offshore western Ireland.

In 2013 Kosmos acquired a 75% operated interest in the license in exchange for carrying Antrim for the full costs of a 3D seismic acquisition program, and reimbursing some of the past exploration costs.

The initial three-year term of the FEL expires in early July 2016. Work since the 3D survey has comprised seismic processing, interpretation, and geological studies.

Antrim will work with Kosmos to review in greater detail the work completed to date and with Ireland’s Department of Communications, Energy and Natural Resources to determine how best to move FEL 1/13 forward.

According to Antrim, results from the 3D data have strengthened its interpretation based on previous 2D seismic, indicating the presence of Lower Cretaceous slope fan and channel deposits similar in geometry and seismic character to recent Cretaceous oil discoveries offshore West Africa.

Anthony Potter, CEO of parent company Antrim Energy, said: “Several exciting prospects and leads have previously been identified on FEL 1/13 and despite volatile commodity markets and investment sentiment moving away from exploration we remain optimistic that FEL 1/13 would be an attractive addition to the right exploration portfolio.”

10/02/2015

 

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