According to Petrel Resources, around 40% of the 2,400-sq km (926-sq mi) survey relates to the frontier exploration license (FEL) 3/14, where the company has a 15% carried interest (Woodside Energy is the operator).
The program should be complete within five weeks.
LO 16/23, which spans 960 sq km (370 sq mi) in 280 m (918 ft) of water in the Slyne/Erris basin, is 15 km (9.3 mi) east of the producing Corrib gas field operated by Shell, which came onstream at the end of 2015.
The main lead is a large tilted fault-block structure in which Triassic Sherwood sandstones (the same reservoir as in Corrib) are the principal reservoir target.
Faroe will focus on improvements to the seismic image, using recent advances in modern seismic reprocessing techniques, alongside other geological studies.
CEO Graham Stewart said: “If the results of the initial work program are successful and prospectivity is firmed up, the next steps would be to commit to the acquisition of new seismic data and bring in suitable partners ahead of potential exploration drilling.
“We look forward to working with the Irish authorities as we execute the work program over the next three years.”
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