4th Mar 2014 13:20
LONDON (Alliance News) - Petrel Resources PLC Tuesday said it has been awarded two frontier exploration licences in the Porcupine Basin off the Atlantic coast of Ireland.
The AIM-listed oil-and-gas explorer, with operations in Ireland, Ghana and Iraq, said the Irish Department of Communications, Energy and Natural Resources has awarded the company Frontier Exploration Licences 3/14 and 4/14.
The company said the licences cover 1,050 kilometres squared and are valid for 15 years with the main elements of its first three-year phase being reprocessing of historic 3D seismic, environmental studies and, subject to regulatory rules and permits, the acquisition of new, state-of-the-art 3D seismic.
Petrel Resources said preparatory technical and environmental work is currently underway and the company is fully carried through the first phase of the work programme.
The company said that the main element of the second phase, should the parties elect to enter it, would be the drilling of a well on each Frontier Exploration Licence.
Petrel Resources shares were up 1.2% to 15.30 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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