Faroe Petroleum has been awarded a new licence under Ireland’s 2015 Atlantic Margin Licensing Round.
The independent explorer’s licensing win covers 960 square kilometres in the Slyne/Erris Basin.
The licence, which has a three-year term, lies in about 280 metres of water and is some 15 kilometres east of the Shell-operated Corrib gas field, which came on-stream at the end of 2015.
Chief executive Graham Stewart said: “We are pleased to have been awarded this Licensing Option, offshore Ireland, where we see attractive prospectivity in the same play as the significant Corrib field. We now have an opportunity to screen potentially significant exploration targets, close to the producing Corrib field, using our extensive knowledge and experience in seismic reprocessing and interpretation. If the results of the initial work programme are successful and prospectivity is firmed up, the next steps would be to commit to the acquisition of new seismic data and bring in suitable partners ahead of potential exploration drilling.
“We look forward to working with the Irish Authorities as we execute the work programme over the next three years.”
