AzEire Petroleum has been awarded an extension to its 100% working interest FEL 1/13 license in the Porcupine Basin, offshore Ireland.
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Map of FEL 1/13, from AzEire. |
The extension is to the first phase of FEL 1/13 by two years to 4 July, 2018 and a two-year extension to the subsequent second, third and fourth phases of the license to 4 July 2022, 2026 and 2030, respectively.
AzEire has undertaken to conduct a work program, which includes reprocessing of the existing 3D seismic data, rock physics, geochemical modelling and integration of results into a full play and prospect assessment of the license area.
The consent for the extension was given by the Minister for Communications, Climate Actions and Environment.
AzEire acquired a 100% participating interest in FEL 1/13 during Q4 2016, further to its acquisition of the entire share capital in Antrim Exploration (Ireland) Ltd. In addition, AzEire was awarded a 100% participating interest in two further license options (LO) – LO 16/31 and LO 16/32 covering multiple blocks in the North Celtic Sea and Fastnet Basins. These recent awards together with AzEire’s existing portfolio now position the company as the largest acreage holder offshore Ireland with a net footprint covering 7166sq km, the company said.
The company says it is now moving forward quickly with the work program on FEL 1/13 with the initial phase being the reprocessing of the existing 3D seismic data, applying the knowledge it has gained from similar reprocessing projects on its other licenses.
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