LONDON (Alliance News) - Faroe Petroleum PLC on Thursday said it has been awarded a new licence in the Irish Atlantic Margin.
Faroe said the 16/23 licence covers 960 square kilometres in the Slyne/Erris basin and was awarded in the second tranche of the 2015 Atlantic Margin Licensing Round.
The licence option has a three-year term and is around 15 kilometres east of the Corrib gas field, operated by Royal Dutch Shell PLC, which came on stream at the end of 2015.
"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," said Faroe Chief Executive Graham Stewart.
"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," Stewart said.
Faroe shares were up 0.8% to 66.50 pence Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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