Petrel Resources PLC Update on 3D seismic surveys in the Irish Atlantic (1837Z)
May 25 2016 - 2:00AM
UK Regulatory
TIDMPET
RNS Number : 1837Z
Petrel Resources PLC
25 May 2016
25 May 2016
Petrel Resources plc
("Petrel" or "the Company")
Update on the 3D seismic surveys on Petrel acreage in the Irish
Atlantic
Petrel Resources plc. ("Petrel" or "the Company") (AIM: PET), is
pleased to update the market on the 3D seismic surveys on Petrel
acreage in the Irish Atlantic scheduled for summer 2016.
We are pleased to confirm that environmental approvals were
received from the Department of Communications, Climate Change,
& Natural Resources (formerly the Department of Communications,
Energy & Natural Resources) on 4 May.
The reports we submitted and the DCENR Letter of Approval are
available at
http://www.dcenr.gov.ie/natural-resources/en-ie/Oil-Gas-Exploration-Production/Pages/2016-Statutory-Assessments.aspx
Accordingly, Woodside as Operator awarded both Granuaile and
Bréanann 3 Dimensional marine seismic surveys to leading contactor
PGS on 6 May. Technical, safety and environmental induction and
final preparations were successfully completed on 16 May. The
Ramform Vanguard survey vessel and its support vessels sailed from
Killybegs on 17 May. The vessels are now mobilising to the
Granuaile survey area in the Southern Porcupine Basin, about 150km
south-west off the Co. Cork coast.
We anticipate that the Bréanann 3D seismic survey covering,
inter alia, Woodside-operated Frontier Exploration Licence 3/14
(Petrel has a 15% carried interest) will start in about 40 days, in
the ideal weather window.
David Horgan, Petrel Director, commented, "The prospectivity of
Ireland's Porcupine Basin is now generally accepted by the oil
industry, with 43 applications by 17 companies in the recent 2015
Bid Round. Discoveries in Canada's Fleming Pass have boosted
exploration interest, as this province is seen as a twin of the
southern Porcupine Basin - of which it was once part."
"Ireland needs exploration wells drilled on the best possible
seismic data. Previous exploration wells mainly targeted relatively
shallow water prospects. Technical advances and higher oil and gas
prices have opened up new plays."
"The 3D seismic campaign underway this summer represents the
state-of-the-art both in safety, environmental standards as well as
technical competence. The objective is to de-risk several leads and
prospects to drillable status. The partners have succeeded in
securing excellent contractors and equipment to conduct this work
in the ideal weather window."
Enquiries:
Petrel Resources Plc
David Horgan, Director +353 (0) 1 833 2833
Nominated Adviser and Broker
Northland Capital Partners Limited
Edward Hutton / Gerry Beaney +44 (0)203 861 6625
John Howes (Broking)
Public Relations
Blytheweigh +44 (0)20 7138 3204
Tim Blythe +44 (0) 7816 924 626
Camilla Horsfall +44 (0) 7871 841 793
Megan Ray +44 (0) 7515 857 619
Anna Worboys
PSG Plus
Colm Heatley +353 (0) 1 661 4055
Alan Tyrrell +353 (0) 1 661 4055
www.petrelresources.com
This information is provided by RNS
The company news service from the London Stock Exchange
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