Ireland-focused oil and gas exploration company backed by Seacrest Capital AzEire has been awarded an extension of a frontier exploration license (FEL) and a conversion of a license option to an FEL.
"The Minister of State at the Department of Communications, Climate Actions and Environment has approved both the extension of Frontier Exploration Licence 1/13 (FEL 1/13) for two years, and the conversion of Licence Option 16/17 (LO 16/17) to Frontier Exploration Licence 1/19 (FEL 1/19), commencing 1 February 2019," said an official statement from AzEire.
Azeire is one of the largest acreage holders offshore Ireland with extensive 100% operated licence interests over a high-graded acreage position totalling 5,708km2. Azeire was awarded LO 16/17 covering blocks 44/14P, 44/15P, 44/19, 44/20, 44/25, 45/21, 45/26a in the 2015 Atlantic Margin Licensing Round and acquired its interest in FEL 1/13 in 2016, through its acquisition of the entire share capital in Antrim Exploration (Ireland) Limited
These recent extension and conversion awards in the Porcupine basin, together with Azeire’s existing Licence Options in the FastNet and North Celtic Sea basins, ideally positions Azeire’s portfolio to benefit from the insights expected to be derived from a number of planned upcoming wells to be drilled in the region.
Diz Mackewn, Director of Azeire, said: “We are very pleased to be able to take these two highly prospective adjacent licences forward with a view to determining drillable prospects within the new licence periods. These FELs cover 2,552km2 along the eastern side of the Porcupine Basin in an area which is due to see increased drilling activity."
"This includes the planned drilling of the Iolar prospect by Nexen Petroleum and partners in 2019, and then potentially followed by an exciting Dunquin South well, which is adjacent and downdip from FEL 1/13 and FEL 1/19 and is reportedly being considered by the ENI-operated partnership," Mackewn added.
"Our work programme is aimed at delivering high impact prospects ready for drilling within the next 2 to 3 years. We have a considerable 3D seismic database which covers a large proportion of these two licences. We have already managed to achieve significant quality uplift through data reprocessing, with more still planned,” he concluded.