Petrel looks forward to offshore Ireland seismic Share 12:02 25 May 2016 The seismic exploration phase is a pre-cursor to future drilling programmes, and as such represents an important step in unlocking the much talked up potential in Ireland’s Atlantic margin. Offshore oil workers conducting seismic survey "Ireland needs exploration wells drilled on the best possible seismic data.” Petrel Resources Plc (LON:PET) shares advanced as much as 9% in Wednesday’s early deals as it briefed investors on an imminent 3D seismic exploration programme offshore Ireland.
The AIM quoted exploration junior has a 15% carried stake in one of two areas being assessed by Woodside Petroleum in the Porcupine basin, in Ireland’s Atlantic margin.
Petrel’s stake is the Bréanann survey, which will be the second area surveyed.
Boats are now on the way to the first survey area, referred to as Granuaile, which is some 150 kilometres south-west off the coast of County Cork.
Subject to the Irish weather, surveying will start over Petrel’s Bréanann area in around 40 days.
The company brought Woodside into the project back in 2013, via a farm-out deal, and the Australian oil and gas major secured further acreage earlier this year, through the first tranche of Ireland’s successful 2015 offshore licensing round.
Petrel is among seventeen companies that applied in the licensing round, and it expects to secure additional interests in the second tranche of the round. The details could be announced by the Irish authorities in the coming weeks.
The first tranche of licence awards were designed to give explorers the opportunity to carry-out seismic work in the 2016 summer operating window (deep offshore work is not possible all year round off the Irish coast due to challenging Atlantic conditions).
The seismic exploration phase is a pre-cursor to future drilling programmes, as the modern 3D data allows technical teams to de-risk as much as possible before costly exploration drilling.
"Ireland needs exploration wells drilled on the best possible seismic data,” said David Horgan, Petrel director.
“Previous exploration wells mainly targeted relatively shallow water prospects. Technical advances and higher oil and gas prices have opened up new plays. The 3D seismic campaign underway this summer represents the state-of-the-art both in safety, environmental standards as well as technical competence.
“The objective is to de-risk several leads and prospects to drillable status.”
Horgan added that the prospectivity of Ireland’s Porcupine basin is now being ‘generally accepted’ in the oil industry.
He noted that discoveries in Canada's Fleming Pass area have boosted exploration interest in Ireland’s Atlantic Margin, as they are seen by the industry as ‘twins’.
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He heads four listed exploration companies exploring for diamonds, gold and zinc, and has been struggling to raise money for six years. He can’t see any upturn in the demand for minerals in the near future.
Traditionally, commodity markets — particularly for oil — have crashed and then recovered in a typically V-shaped pattern, he said. Teeling doesn’t believe that will happen on this occasion.
“Instead of a V, this could be a dinner plate,” he said. “A dinner plate with a very long bottom, which will destroy us all.”
Petrel Resources (LON:PET) and Clontarf Energy (LON:CLON) which together own 90% of Pan Andean. Oct 15, 2015 http://goo.gl/JkXdve Jubilee Oild Field Ghana has successfully recorded 25 new oil discoveries within its off-shore maritime boundary, since the historic 2007 oil find by Kosmos Energy. The 25 new discoveries are located around the region where Jubilee oil and gas production is ongoing. The blocks that led to the discovery are Shallow Tano operated by Interoil, Deep Water Tano which is operated by
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