6th Oct 2014 07:27
LONDON (Alliance News) - Faroe Petroleum PLC Monday said it has won three new licensing options for the Celtic Sea in the Republic of Ireland.
The company said the three licences, awarded by Ireland's Minister for Communications, Energy and Natural Resources, will involve a low-cost work programme focusing on reprocessing and interpretation of 2D seismic data for each licence, along with the preparation of supporting geological studies.
The licences are based in the southern margin of the North Celtic Sea and target the Triassic play, similar to the Wytch onshore UK oil field.
"We now have the opportunity at low cost to screen potentially significant exploration targets using our knowledge and experience in seismic reprocessing and interpretation," said Faroe Chief Executive Graham Stewart.
"This Triassic play differs from the traditional targets in the Celtic Sea and offers significant upside potential," Stewart added.
Faroe shares were down 0.7% to 100.25 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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