Island Oil & Gas heralded Wednesday that it believes its new acreage award offshore Ireland contains a “high-risk, high-reward” billion barrel oil prospect.
The company will operate a 50-percent stake in the frontier license covering blocks 61/9, 61/10 and 62/6. Its 50/50 partner in the Atlantic Margin license Supernova Ireland Resources.
A “very significant exploration prospect” is said to lie in the license won in the recent Porcupine Licensing Round. The anomoly was given an unpronounceable Celtic name and lies in water some 1,500 metres deep, 250 kilometres off the southwest coast of Ireland.
Modelling work and a survey are Island’s first order of business. The only well tested in the area to date was the nearby 62/7-1.
It revealed “good oil shows”.
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Supernova Ireland Resources
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