Ireland: North Porcupine 3D survey starts

By OGJ editors
– A group led by San Leon Energy PLC has launched a 280 sq km 3D seismic survey on the North Porcupine FEL 1/04 license off Ireland.

The survey will cover the C1 lead to be drilled in 2012. A best case in place resource of 1.097 billion bbl of oil has been calculated for C1.

San Leon through a subsidiary holds a 41.5% interest in the block and is the operator. Valhalla Oil & Gas Ltd. has 38.5%, and Supernova Ireland Resources BVhas 20%. Through a farmout from Valhalla, San Leon agreed to pay 80% of seismic costs rather than its 41.5% working interest requirement. In exchange, San Leon will gain a further 32.5% working interest in the license from Valhalla.

After the survey and government approval, San Leon will hold 74%, Supernova will hold 20%, and Valhalla will hold 6%.

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