Petrel Resources, an Irish based exploration and production company, has been awarded two new licensing options in the Porcupine Basin, offshore Ireland, in the second phase of the 2015 Atlantic Margin Licensing Round.
Petrel said in a press release on Friday that the award is for two separate Licence Options, first of which is the north-western Porcupine Licence Option next to the Conamara oil field found by BP in 1983.
It includes Block 35/01 and the available portion of Block 35/02, which are west of the Conamara oil field. This license also includes Block 26/26 and the available portion of Block 26/27, immediately to the northwest of the Conamara oil field.
The second license includes the entirety of Block 45/27, which has been covered by a 3D seismic program in 2013.
Petrel’s work program includes the purchase, reprocessing and reinterpretation of historic seismic and other data that is not already in the Petrel database, as well as the application of innovative exploration techniques.
Petrel has a 100 percent working interest in both licenses which will both last for two years. After the work program has been completed, Petrel has an option to apply to convert the licenses into Frontier Exploration Licences (FELs).
David Horgan, Petrel Director, said: “We are delighted with the award of these Licensing Options, particularly given the strength of competing bids. The quality of our new acreage is shown by the participation of larger companies in the round, and the aggressive work programs they bid.”