Faroe Petroleum, the independent oil & gas company focusing principally on exploration, appraisal, development and production opportunities, is pleased to announce an award of a new license under Ireland’s 2015 Atlantic Margin Licensing Round.
Licensing Option 16/23, which covers some 960 square kilometres in the Slyne/Erris Basin, is one of the second tranche of awards made under the 2015 Atlantic Margin Licensing Round. Faroe is operator of this licence (Faroe 100% working interest). The Licensing Option, which has a three-year term, lies in about 280 metres of water and is some 15 kilometres east of the Corrib gas field (operated by Shell), which came on-stream 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 identified as the main reservoir target. The main focus of the work programme is to improve the seismic image by employing recent advances in modern seismic reprocessing techniques which will be carried out alongside other geological studies.