Irish Offshore Licensing Round Applications

RNS Number : 5271Z

Petrel Resources PLC

18 September 2015

 

18 September 2015

Petrel Resources plc

("Petrel" or "the Company")

2015 Irish Offshore Licensing Round - Atlantic Margin

Petrel has submitted applications for Licence Options in the recent Irish Offshore licensing round.  We have targeted three separate packages of acreage, in the Porcupine Basin Region 2, offered in the Submission of Applications for the 2015 Licensing Round - Atlantic Margin.  On current plans we are funded through 2017.

Offshore Ireland

Offshore Ireland is our main focus of activity.  We have a joint venture with Woodside Energy of Australia who farmed into our two offshore Irish blocks, licences 3/14 and 4/14 in the Porcupine Basin, covering 1,050 sq km with plays in about 600-800 m of water.  Petrel holds a 15% interest and is substantially carried by Woodside through the initial exploration programmes.  Significant work has been done and we are ready to undertake a 3D seismic acquisition programme which will better identify and outline potential hydrocarbon bearing structures.  The programme is expected to be undertaken in 2016.  The targets are large.

Petrel has, in recent days, also applied for an additional 3 packages of acreage in the Irish Atlantic margin Bid Round which closed on 16^th September 2015.  Our experienced geological team used our own data bank plus currently available data to identify priority areas.  We anticipate early discussions with the authorities on our proposals and are confident that our record to date, both in developing new plays and attracting world-class partners, will stand us in good stead.  We are hopeful of an award.

Following the closure of the Licensing Round, the Irish Minister of State for Natural Resources, Joe McHugh T.D. announced that a record 43 applications for licensing options had been received by the deadline.

David Horgan, Director, commented:

"Petrel was previously awarded two License Options, in the deep-offshore Atlantic Margin, in 2011. We subsequently worked up a number of high potential prospects and are now in partnership with Woodside, a leading Australian LNG company. The partnership expects to embark on a 3D seismic programme in the first available weather window (summer 2016), which we hope will lead to deep-offshore wells. 

Arising out of the innovative work conducted on our Licence Options between 2011 and 2013, our geologists and geophysicists have helped open up an entirely new oil & gas province, adapting West African experience to develop a Cretaceous play in the Irish Atlantic.  Our ground-breaking work and farm-out efforts contributed to the entry into the Irish Atlantic Margin of aggressive new players.  During the period of Licence Options 11/4 and 11/6, Petrel operated the then 1,400 km2 of acreage, attracting considerable interest from majors, as well as Independent Oil Companies and National Oil Companies which had not previously been involved in the Irish offshore.

The unprecedented number of applications received in the recent Licensing Round confirms industry interest in the Irish offshore. The applicant companies included majors, and mid-capitalised companies, as well as juniors.  Notwithstanding the lower oil price and retrenchment elsewhere, this record response to the recent Licensing Round signals rising industry interest in offshore Ireland oil and gas exploration."

ENDS

Enquiries:

Petrel Resources Plc

John Teeling, Chairman                                                                                        [phone]

David Horgan, Director

Nominated Adviser and Broker

Northland Capital Partners Limited

Edward Hutton / Gerry Beaney                                                                         [phone]

John Howes/Mark Treharne (Broking)

Public Relations

Blytheweigh                                                                                                             [phone]

Tim Blythe                                                                                                                 [phone]

Halimah Hussain                                                                                                     [phone]

Camilla Horsfall                                                                                                       [phone]

PSG Plus

Aoife Ross                                                                                                                  [phone]

Alan Tyrrell                                                                                                                [phone]

www.petrelresources.com

 

END

 

 

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