AzEire has been awarded licensing options over multiple blocks and part-blocks in the North Celtic Sea and Fastnet Basins offshore Ireland. The combined area of these awards totals around 3163sq km and will be held under a petroleum prospecting license for the duration of the licensing option.
The award was made by the Minister for Communications, Climate Actions and Environment. The license options are as follows: Blocks 63/14, 64/1, 56/10, 56/14, 56/15, 56/19; and part-blocks 56/26, 56/27, 63/5, 63/8, 63/9, 63/10, 63/13, 63/15, 64/1, 64/2, 64/6, 56/5, 56/20, 57/1, 57/6.
The licensing options started on 1 December 2016 and will expire on the 30 November 2019. On or before the expiry date of the licensing option, AzEire has the option to apply for the transfer of some or all of the acreage to standard exploration license status.
AzEire has undertaken to complete a work program, which includes the reprocessing and integration of historic seismic data and well data along with an analysis of least 500km of broadband seismic, which was acquired in 2013.
“We are really excited to have been awarded these new license options in an area which we believe is the true conjugate margin equivalent of the Upper Jurassic and Lower Cretaceous section in the Flemish Pass and Jean d’Arc Basins off Newfoundland and Labrador,” David Sturt, managing director of Azeire said. “When we first started to look at this area we recognized the potential but the historic seismic data suffered severely from data quality issues caused by near-surface geology. We identified the need for a regional modern 2D broadband solution and pre-funded a 3478km 2D seismic survey in 2013. This data quality was significantly improved and illuminated the true potential of these basins. We are now looking forward to an aggressive exploration program on these new license areas.”
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