data, 3rd quarter 20174 Sep 2017 06:58
PET main focus Irish Atlantic Porcupine Basin
In contrast to the industry worldwide, there is increased petroleum industry activity in the Irish Atlantic Porcupine Basin:
• A number of 3D seismic acquisition programmes have been conducted during 2016, with more scheduled for 2017.
• The Druid/Dombeg deep water wildcat well (in 2,200 metres water depth) in the south-west of the Porcupine Basin is
scheduled for summer 2017. This is operated by Providence, with Sosina and Cairn Energy as partners. It aims to test
plays at two or more rock depths.
• As with any frontier province, a major discovery in this basin will transform industry perceptions and the farm-out market.
Joint Venture with Woodside Energy in the Irish Atlantic Porcupine Basin:
• Contractor PGS acquired state-of-the-art 3D seismic data across FEL 3/14, a 475km2 block in which Petrel has a 15%
carry from operator Woodside Energy (see map). Circa 1,400km2 of the 3D seismic acquired is directly over or around
FEL 3/14.
• The ‘Bréanann’ 3D seismic acquisition programme was successfully completed, over 40 days, over a total c. 2,392km2
of the northern Porcupine Basin, 150km west off the Kerry coast, south-western Ireland. Water depth of the survey was
500m to 1,300m, but likely water depth for Petrel’s targets is 600 to 800m.
• Processing of the (Pre-Stacked Depth Migration) 3D seismic data is now being completed at the DownUnder
GeoSolutions (DUG) operation in Australia. Quality is reported to be excellent. We expect data availability by 3rd quarter
2017.
• 3D seismic interpretation of pre-rift and syn-rift unconformities will be conducted by the operator, Woodside Energy.
This work is intended to de-risk identified Jurassic and Cretaceous plays that may lead to one or more well commitment
in the 2nd work phase 2017 through 2021.
• Operator Woodside Energy opted not to continue into the 2nd phase on FEL 4/14, and the block was relinquished without
seismic having been acquired. This is now subject to arbitration in London.
2015 Irish Atlantic Bid Round
• Petrel was awarded 924 km2 of prospective Irish Atlantic Porcupine Basin acreage in June 2016 by way of two Licensing
Options.
• Licensing Option 16/24 includes 664 km2 bordering the Connemara oil-field discovered by BP in 1983.
• Licensing Option 16/24 work programme includes the acquisition, reprocessing and re-interpretation of historic seismic
not already in Petrel’s database. These North-Western Porcupine Basin blocks constitute a well-located holding offering
majors a tempting farm-in at a time of renewed interest.
Ghanaian Tano Basin Petroleum Agreement
• The new Ghanaian NPP Government is reviewing historic Petroleum Agreements, with stated focus on early
development.
• In May 2017 Petrel had constructive discussions with the Ghanaian Ministry of Energy, with a mutual desire to resolve all
outs
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