AzEire, the Ireland focused oil & gas exploration company backed by Seacrest Capital, has been awarded an extension to its 100% working interest FEL 1/13 license in the Porcupine Basin, off Ireland.
The consent for the extension was given by the Minister for Communications, Climate Actions and Environment.
According to the company’s statement on Friday, the extension is to the first phase of FEL 1/13 by two years to July 4, 2018, and a 2-year extension to the subsequent second, third, and fourth phases of the license to July 4, 2022, 2026, and 2030, respectively.
AzEire said it has undertaken to conduct a work program which includes reprocessing of the existing 3D seismic data, rock physics, geochemical modelling and integration of results into a full play and prospect assessment of the license area.
AzEire acquired a 100% participating interest in FEL 1/13 during the fourth quarter of 2016, further to its acquisition of the entire share capital in Antrim Exploration (Ireland) Limited. In addition, AzEire was awarded a 100% participating interest in two further license options (LO’s) – LO 16/31 and LO 16/32 covering multiple blocks in the North Celtic Sea and Fastnet Basins.
These recent awards together with AzEire’s existing portfolio now position the company as the largest acreage holder offshore Ireland with a net footprint covering 7,166km², the company said.
David Sturt, Managing Director of AzEire, commented: “Our through-the-cycle investment has allowed us to build the largest acreage position offshore Ireland at a time of considerable industry interest in the region, as evidenced by the success of the 2015 Frontier Licence Round.
“We now look forward to continuing to build on our significant portfolio of high impact drillable prospects in a fiscal environment which is one of the most attractive globally. The company is now moving forward quickly with the work program on FEL 1/13 with the initial phase being the reprocessing of the existing 3D seismic data, applying the knowledge we have gained from similar reprocessing projects on our other licences.”