19th Sep 2013 12:44
LONDON (Alliance News) - Petrel Resources PLC Thursday said it has received government approval to transfer operatorship of sites to its joint venture partner Woodside PLC.
The oil and gas exploration company with assets in Ireland, Iraq and Ghana said the Irish Minister of State at the Department of Communications, Energy and Natural Resources granted consent for the company to transfer operatorship and an 85% interest in License Options 11-4 and 11-6 at the company's Porcupine Basin in the Irish Atlantic.
Petrel said the way is now clear for the joint venture to apply for a Frontier Exploration License at the site.
"Woodside, Australia's largest gas exporter, has shown how to find, develop and market hydrocarbons safely, sensitively and profitably. They bring innovation and an open mind to the challenging but high potential Irish Atlantic Margin," managing director, David Horgan, said in a statement.
Petrel shares were up 8.81% to 18.09 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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