Petrel Resources Awarded Two Offshore Ireland Licences

Source: www.gulfoilandgas.com 6/3/2016, Location: Europe

Petrel Resources plc, the AIM listed oil and gas exploration company, has been awarded two new Licensing Options (the 'LOs') in the Porcupine Basin, offshore Ireland, as part of phase 2 of the 2015 Atlantic Ireland round. This follows the announcement on 3rd June 2016 by the Irish Minister of State for Natural Resources, Mr. Se?n Kyne.

The award to Petrel Resources plc is in two separate Licence Options: the north-western Porcupine Licence Option abuts the Conamara oil-field found by BP in 1983, and includes Block 35/01 and the available portion of Block 35/02, which are immediately to the west of the Conamara oil-field. This licence also includes Block 26/26 and the available portion of Block 26/27, immediately to the north-west of the Conamara oil-field, with similar structures identified.

The second Licence Option in the Eastern Porcupine includes the entirety of Block 45/27, which has been covered by a 3D seismic programme in 2013. This area was sought-after and abuts acreage awarded after aggressive work programme bids by larger companies.

The Department of Natural Resources will shortly publish a map showing the blocks awarded and the companies obtaining the awards. Petrel has a 100% interest in the two-year Licensing Options. Following the completion of a work programme, Petrel has the option to apply to convert the licences into Frontier Exploration Licences (FELs).

In preparing its applications, Petrel's strategy was to seek prospective acreage, in reasonable depth water, close to existing discoveries. Petrel applied for northern and eastern areas of the Porcupine Basin with geological potential. This approach has been vindicated by the two awards, overcoming competitive bids. Our work programme 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.

David Horgan, Petrel Director, commented, "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 programmes they bid."

"The resounding success of the 2015 Bid Round is a credit to the authorities and to companies involved in marketing the Porcupine Basin's potential - as well as the transformative discoveries in Canada's Flemish Pass, which the industry believes to be a geological twin for the Porcupine Basin."

"These awards are an endorsement of the strong technical work of Petrel that supported our bids. Major and mid-cap oil companies have also taken acreage, which validates our long standing belief that the Porcupine Basin is underexplored and has reserve potential. This licensing round's success shows that the Porcupine Basin is becoming an international exploration hot-spot. We expect to further grow our Porcupine Basin presence in the future."


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