Antrim Energy said its subsidiary has received formal approval from the Irish department of Communications, Energy and Natural Resources of its application for its 100% working interest in the Frontier Exploration Licence.
The company said it has identified two highly prospective Jurassic fault blocks and one Cretaceous submarine fan system in the FEL 1/13 licence as well as numerous other leads.
FEL 1/13 has a 15-year term, with an initial three-year term followed by three four-year terms.
The initial three-year term expires in early July 2016 and Antrim has submitted a request to extend the first exploration term by an additional two years and this request requires the approval of the Irish
authorities.
The company is also currently seeking a new farm-in partner and operator to complete any additional
technical work necessary during the period of any extension granted by the Irish authorities with the ultimate goal that a well commitment could be made at the end of the revised first exploration phase.
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