LONDON (Alliance News) - Petrel Resources PLC said Friday it has won two new licensing options in the Porcupine Basin, offshore Ireland, as part of phase II of the 2015 Atlantic Ireland round.
This award is in two separate licence options. The first option is in the north-western Porcupine Basin and includes Block 35/01 and the available portion of block 35/02, as well as Block 26/26, and the available portion of Block 26/27.
The second option is in the eastern Porcupine basin, and includes the entirety of Block 45/27, which has been covered by a 3D seismic programme in 2013.
"We are delighted with the award of these licensing options, particularly given the strength of competing bids. The quality of our new acreage is shown by the participation of larger companies in the round, and the aggressive work programmes they bid," said Petrel Director David Horgan in a statement.
Earlier Friday, fellow London-listed Europa Oil & Gas Holdings PLC said it has been offered four new licensing options as part of the same licensing round, covering the southern Porcupine Basin, the Padraig Basin and the Slyne Trough.
Shares in Petrel were up 22% at 5.80 pence, while Europa shares were up 6.3% at 4.25p.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Europa Oil & Gas (EOG)
Petrel Resources (PET)