Petrel Resources PLC Award of Offshore Ireland Licences (2140A)
June 03 2016 - 9:38AM
UK Regulatory
TIDMPET
RNS Number : 2140A
Petrel Resources PLC
03 June 2016
3(rd) June 2016
Petrel Resources plc
("Petrel" or "the Company")
Award of Offshore Ireland Licences
Petrel Resources plc (AIM: PET), the AIM listed oil and gas
exploration company, is delighted to announce that it 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 3(rd) June 2016 by
the Irish Minister of State for Natural Resources, Mr. Seán
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."
Enquiries:
For further information please visit
http://www.petrelresources.com/ or contact:
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
Rachael Brooks
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
END
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