10th Jun 2016 10:14
LONDON (Alliance News) - Petrel Resources PLC said Friday it has formally accepted two new licensing options awarded in the Porcupine Basin, offshore Ireland, as part of phase 2 of the 2015 Atlantic Ireland licensing round.
The licenses have two-year terms with agreed work programmes, following which Petrel has the option to covert to Frontier Exploration Licences.
The company said last Friday it had been awarded the licensing options. The first is in the north-western Porcupine Basin and includes Block 35/01 and the available portion of block 35/02, as well as Block 26/26, and the available portion of Block 26/27.
The second option is in the eastern Porcupine basin, and includes the entirety of Block 45/27, which has been covered by a 3D seismic programme in 2013.
"The resounding success of the 2015 Bid Round has transformed the Irish Atlantic, and especially the Porcupine Basin. When we first applied for acreage in 2011 it was a lonely path. Financial markets were sceptical and the industry unconvinced. We have persisted with our work on and evangelising of the Porcupine Basin," said Director David Horgan in a statement.
Shares in Petrel were up 5.7% at 5.81 pence Friday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Petrel Resources