ISLAND Oil & Gas has declined its option with Lansdowne Celtic Sea to farm into its SEL4/07 encompassing part blocks, 49/11(p), 49/12(p), 49/13(p), 49/17(p) and 49/18(p), in the Celtic Sea offshore Ireland.
The Irish company said that, after acquisition, processing, and interpretation of a seismic survey over SEL4/05 (Old Head of Kinsale), which covers part blocks 49/17(p), 49/22(p) and 49/23(p), it now believes it has sufficient materiality within its existing licence boundaries to progress its near-term strategy. The option on SEL4/07, the Barryroe licence, would have allowed Island to secure rights to protect acreage in the event that any structures defined by the seismic acquisition extended into the option area.
CEO Paul Griffiths said: “The company is committed to realising the potential of its undeveloped Old Head of Kinsale and Schull gas fields.”
He added that there was also an opportunity to contribute both to a material increase in Ireland’s gas storage capacity, and gain a significant commercial advantage through its dominant asset position.