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LONDON (Alliance News) - Predator Oil & Gas Holdings PLC on Wednesday said it has extended a licence offshore Ireland until the end of November 2019.
Licensing option 16/30, or Ram Head, has been extended subject to a work programme to be carried out at the asset. Following this, Predator will decide whether to apply for an exploration licence.
The works will include buying 2D seismic data, and re-evaluating a gas discovery made in 1984 using more modern techniques.
Predator has commissioned an updated competent person's report for Ram Head, it added, which will be released in the next few weeks.
Chief Executive Paul Griffith said: "We are extremely grateful for the award of the extension to licensing option 16/30. We consider the 49/19-1 gas discovery to potentially represent the largest undeveloped gas discovery offshore Ireland."
"It is located in the shallow water of the Celtic Sea, where there has been a long history of commercial gas production that facilitated the development of the gas industry and network in Ireland and County Cork in particular."
"Gas is an absolutely vital ingredient in the energy mix in the near-term with respect to reducing carbon dioxide emissions, by lowering the dependence on other less environmentally friendly fuels; preserving security of energy supply at a time of increased uncertainty; and contributing to sustaining the economic equilibrium and stability necessary to help generate the investment quantums required for the development of alternative sources of renewable energy," Griffiths continued.
"The upcoming competent person's report is an important milestone to independently validate the potential of Ram Head to become a real "game-changer" and to provide the catalyst for further progress."
Shares were 8.6% higher on Wednesday afternoon at 9.34 pence each.