NU-Oil and Gas has been granted a two-year lease on its farm-in to the Helvick oil field and Dunmore oil discovery offshore Ireland.
The company said the Marginal Field Development Co, in which NU-Oil has a 50% interest, has been granted the two-year undertaking by the Irish government. It will be effective from March 1, to allow for evaluation of low-cost development options.
Chief executive Nigel Burton said: “MFDevCo and the MFD Consortium’s solutions have the potential to improve the commercial viability of fields and we look forward to them being utilised to advance Helvick and Dunmore for the benefit of all interest holders.”
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