Woodside accepts offer for offshore Ireland oil exploration

Source: Woodside Petroleum

Woodside advises that it has had two separate offers accepted to farm-in to offshore blocks located in the prospective Porcupine Basin off Ireland. Woodside advises that it has had two separate offers accepted to farm-in to offshore blocks located in the prospective Porcupine Basin off Ireland.

Petrel Resources plc has accepted Woodside’s offer to acquire 85% participating interest in Licensing Option 11/6 (comprising offshore blocks 45/6, 45/11, 45/16 and 44/15) and Licensing Option 11/4 (comprising offshore blocks 35/23, 35/24 and 35/25).

Bluestack Energy Limited has accepted Woodside’s offer to acquire 90% participating interest in Licensing Option 11/3 (comprising blocks 35/25(e), 35/30, 36/21, 36/26, 44/5(p) and 45/1).

Both offers also include any subsequent frontier exploration licenses that are granted in respect of the licensing options.

Woodside CEO Peter Coleman said the farm-ins demonstrated the company’s commitment to pursue high potential exploration opportunities which leverage its deepwater exploration and production capabilities.

“The Porcupine Basin is an emerging oil and gas province which has seen increasing industry activity over the past several years,” he said.

“Woodside has an outstanding track record working in deepwater environments and these opportunities fit with our core capabilities and corporate strategy.”

Both offers are subject to the execution of fully-termed agreements, completion of due diligence and other necessary approvals.

Subject to government approval, Woodside will become operator of all three licensing options.

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