UK-based independent Faroe Petroleum was awarded license option 16/23 in Ireland’s 2015 Atlantic Margin Licensing Round.
The option covers 960sq km in the Slyne/Erris Basin, in about 280m water depth about 15km from the producing Corrib gas field, operated by Shell.
It was awarded as part of the second tranche of awards under the 2015 Atlantic Margin Licensing Round, announced early June. A first tranche, announced in February, saw majors Eni, Statoil, and ExxonMobil take licences. A report outlining more detail about what each was awarded is due out in coming weeks, according to the Irish government's Department for Communication, Energy and Natural Resources.
Faroe says its main lead is a large tilted fault-block structure in which Triassic Sherwood sandstones (the same reservoir as in Corrib) are identified as the main reservoir target.
The main focus of the work program is to improve the seismic image by employing recent advances in modern seismic reprocessing techniques which will be carried out alongside other geological studies.
Graham Stewart, CEO of Faroe Petroleum, said: “We now have an opportunity to screen potentially significant exploration targets, close to the producing Corrib field, using our extensive knowledge and experience in seismic reprocessing and interpretation. If the results of the initial work program are successful and prospectivity is firmed up, the next steps would be to commit to the acquisition of new seismic data and bring in suitable partners ahead of potential exploration drilling."
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