Irish Atlantic Margin – Licensing Option 16/23 (illustration: Faroe Petroleum)

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal, development and production opportunities, has announced an award of a new license under Ireland’s 2015 Atlantic Margin Licensing Round.

Licensing Option 16/23, which covers some 960 square kilometres in the Slyne/Erris Basin, is one of the second tranche of awards made under the 2015 Atlantic Margin Licensing Round. Faroe is operator of this licence (Faroe 100% working interest). The Licensing Option, which has a three-year term, lies in about 280 metres of water and is some 15 kilometres east of the Corrib gas field (operated by Shell), which came on-stream at the end of 2015.

The main lead is a large tilted fault-block structure in which Triassic Sherwood sandstones (the same reservoir as in Corrib) are identified as the main reservoir target. The main focus of the work programme is to improve the seismic image by employing recent advances in modern seismic reprocessing techniques which will be carried out alongside other geological studies.

Graham Stewart, Chief Executive of Faroe Petroleum, comments, “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.”

Tags: Faroe Petroleum